(a) The commissioner shall revoke or suspend all certificates of authority granted to the company or its agents and cause notice of revocation or suspension to be published in one (1) or more newspapers of general circulation, if the commissioner is of the opinion, upon examination or other evidence, that:

Terms Used In Tennessee Code 56-1-416

  • Commissioner: means the commissioner of commerce and insurance. See Tennessee Code 56-1-102
  • Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
  • Foreign: when used without limitation, includes all companies formed by authority of any other state or government. 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.
(1) A foreign insurance company is:

(A) In an unsound condition; or
(B) If a life insurance company, has actual funds, exclusive of its capital, less than its liabilities; or
(2) A foreign insurance company has:

(A) Failed to comply with the law; or
(B) Its officers or agents have:

(i) Refused to submit to examination;
(ii) Refused to perform any legal obligations in relation to examinations; or
(iii) Failed to pay any final judgment against the company recovered by a Tennessee citizen.
(b) No new business shall be done by a company or its agents under suspension or revocation while the default or disability continues, nor until its authority to do business is restored by the commissioner.
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