Tennessee Code 56-1-415 – Issuance of policies by domestic life insurance companies forbidden when assets are insufficient
Current as of: 2023 | Check for updates
|
Other versions
Terms Used In Tennessee Code 56-1-415
- Commissioner: means the commissioner of commerce and insurance. See Tennessee Code 56-1-102
- insurance company: includes all corporations, associations, partnerships, or individuals engaged as principals in the business of insurance. See Tennessee Code 56-1-102
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
When the actual funds of a domestic life insurance company, exclusive of its capital, are not of a net cash value equal to its liabilities, including the net value of its policies, computed by the rule of valuation established by part 9 of this chapter, the commissioner shall notify the company and its agents to issue no new policies until its funds become equal to its liabilities.