Tennessee Code 56-24-103 – Certificate of authority for agent – Expiration – Renewal – Failure to apply for – Transacting business without – Penalty
Current as of: 2023 | Check for updates
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Terms Used In Tennessee Code 56-24-103
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- 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
- Year: means a calendar year, unless otherwise expressed. See Tennessee Code 1-3-105
Every corporation transacting business under this chapter shall obtain from the commissioner a certificate of authority for each agent writing or soliciting insurance for it in this state, which certificate shall show that the corporation has complied with this chapter, and the certificate, unless sooner revoked, shall expire with the end of each calendar year, and be renewed within thirty (30) days thereafter. Any corporation that neglects or fails to make application for certificates of authority for its agents or any one (1) of its agents, and any agent who transacts any business for the corporation without first receiving the certificate herein required, shall be liable to a fine of one hundred dollars ($100).