§ 56-2-115 — Additional surplus requirement

In addition to the paid up capital stock or surplus as required under §§ 56-2-103 and 56-2-114(a) , all insurance companies doing business in this state shall possess and maintain bona fide surplus funds in the amount of one million dollars ($1,000,000), except for insurance companies authorized under § 56-2-114(b) , which shall possess and maintain bona fide surplus funds equaling in amounts not less than fifty percent (50%) of the capital stock or surplus otherwise required by § 56-2-114(b) .

Legislative History

Acts 1895, ch. 160, § 9, par. 2; 1901, ch. 131, § 1; 1907, ch. 493, § 1; Shan., § 3292; Code 1932, § 6107; Acts 1947, ch. 223, § 1; C. Supp. 1950, § 6107; Acts 1951, ch. 212, § 1; T.C.A. (orig. ed.), § 56-305; Acts 1955, ch. 13, § 1; T.C.A. (orig. ed.), § 56-215; Acts 1986, ch. 535, § 2.