Tennessee § 56-3-904 Deposit of securities by domestic insurance companies

Tennessee Statutes

§ 56-3-904 — Deposit of securities by domestic insurance companies

(a)(1) Securities qualified for deposit under § 56-2-104 may be deposited with a clearing corporation.

(2)Securities deposited with a clearing corporation and used to meet the deposit requirements set forth in § 56-2-104 shall be under the control of the commissioner and shall not be withdrawn by the insurance company without the approval of the commissioner.

(b)Any insurance company holding securities as provided in subsection (a) shall provide to the commissioner evidence issued by its custodian through which the insurance company has deposited securities in a clearing corporation, in order to establish that:

(1)The securities are actually recorded in an account in the name of the custodian; and (2) The records of the custodian reflect that such securities are held subject to the ord

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(a) (1) Securities qualified for deposit under § 56-2-104 may be deposited with a clearing corporation. (2) Securities deposited with a clearing corporation and used to meet the deposit requirements set forth in § 56-2-104 shall be under the control of the commissioner and shall not be withdrawn by the insurance company without the approval of the commissioner. (b) Any insurance company holding securities as provided in subsection (a) shall provide to the commissioner evidence issued by its custodian through which the insurance company has deposited securities in a clearing corporation, in order to establish that: (1) The securities are actually recorded in an account in the name of the custodian; and (2) The records of the custodian reflect that such securities are held subject to the order of the commissioner.

Tennessee § 56-3-904 (Deposit of securities by domestic insurance companies) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.