Terms Used In Tennessee Code 56-21-106

  • Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.

A mutual fire insurance company may at any time use any surplus over and above all liabilities, including reinsurance reserve, for the purpose of retiring or liquidating any part of its guaranty capital. All of the guaranty capital shall be retired when an amount of net surplus of one million five hundred thousand dollars ($1,500,000) shall have been accumulated.