§ 56-21-102 — Deposit of securities

Notwithstanding the provisions contained in § 56-2-104 to the contrary, guaranty capital securities, in amounts equal to the requirements of § 56-2-104(a)(4) , must be deposited with the commissioner of commerce and insurance for the protection of the policyholders and creditors of the company in this state. Companies not having guaranty capital securities must deposit securities equal to ten percent (10%) of net written premiums, annually, not to exceed the requirements of § 56-2-104(a)(4) .

Legislative History

Acts 1907, ch. 461, § 2; Shan., § 3369a6; Acts 1921, ch. 160, § 2; Code 1932, § 6257; Acts 1945, ch. 105, § 2; C. Supp. 1950, § 6257; Acts 1967, ch. 236, § 1; 1968, ch. 549, § 1; 1975, ch. 62, § 1; 1977, ch. 202, § 1; T.C.A. (orig. ed.), § 56-2004.