Tennessee Code 56-7-706 – Premiums or assessments for industrial or fraternal insurance not to be received after insolvency
Current as of: 2024 | Check for updates
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Terms Used In Tennessee Code 56-7-706
- Person: means any association, aggregate of individuals, business, company, corporation, individual, joint-stock company, Lloyds-type organization, organization, partnership, receiver, reciprocal or interinsurance exchange, trustee or society. See Tennessee Code 56-16-102
- 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
No officer, director, or agent of an insurance company or association transacting an industrial insurance business in this state shall knowingly and willfully receive any premium or assessment on behalf of any industrial insurance company or association or fraternal organization, knowing at the time of receipt of the premium or assessment that the company or association is insolvent according to the laws of the state of the organization of the company, without giving notice to the person paying the premium or assessment.