(a) Every such company shall, in the months of January, April, July and October of each year, file with the commissioner a statement, signed and sworn to by its president and secretary, showing its assets and liabilities, as is required by § 56-15-104.

Terms Used In Tennessee Code 56-15-107

  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • Commissioner: means the commissioner of commerce and insurance. See Tennessee Code 56-1-102
  • Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
  • signed: includes a mark, the name being written near the mark and witnessed, or any other symbol or methodology executed or adopted by a party with intention to authenticate a writing or record, regardless of being witnessed. See Tennessee Code 1-3-105
  • Year: means a calendar year, unless otherwise expressed. See Tennessee Code 1-3-105
(b) The commissioner has the power and the duty to revoke the authority of the company to transact any new business under this chapter whenever, in the commissioner’s judgment, the company is not solvent or is conducting its business in violation of this chapter.
(c) The commissioner may institute inquiry at any time into the solvency of the company, and whenever satisfied that the authority of the company to do business under this chapter should be revoked, and upon in fact revoking the authority, the commissioner shall forthwith transmit, by mail, to the county clerk of each county a properly certified copy of the act of revocation, and shall, moreover, cause to be published, in a daily newspaper issued in the cities of Knoxville, Chattanooga, Nashville, and Memphis, a copy of the order of revocation.
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