Tennessee Code 56-16-206 – Advancement of funds for operation
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Terms Used In Tennessee Code 56-16-206
- Attorney: means the person designated and authorized by subscribers as the attorney-in-fact having authority to obligate them on reciprocal insurance contracts. See Tennessee Code 56-16-102
- Reciprocal: means the aggregation of subscribers under a common name. See Tennessee Code 56-16-102
The attorney or other interested persons may advance to a domestic reciprocal any funds required in its operations. The funds advanced shall not be treated as a liability of the reciprocal and shall not be withdrawn or repaid except out of the reciprocal’s earned surplus in excess of its minimum required surplus.