(a) Any mutual fire insurance company organized under the laws of this state shall have a paid-up guaranty capital of not less than nine hundred fifty thousand dollars ($950,000) divided into shares of not exceeding one hundred dollars ($100) each.

Terms Used In Tennessee Code 56-21-101

  • Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
  • State: when applied to the different parts of the United States, includes the District of Columbia and the several territories of the United States. See Tennessee Code 1-3-105
(b) The increase in the minimum amount of guaranty capital provided by the 1969 amendment does not apply to companies qualified and authorized prior to May 7, 1969.
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