§ 56-35-116 — Deposit and reserve funds - Care and investment

Tennessee § 56-35-116

• Jurisdiction: Tennessee
• Title: 56

Text

The deposit required to be kept with the commissioner as the title insurance fund, together with any additions to the fund made as authorized in this chapter, and the title insurance reserve to be held by the insurers, and all unearned premium or risk rate reserves, shall be made and held either in lawful money of the United States, or in any investment authorized by the laws of Tennessee for nonassessment life insurance companies doing business in the state, and shall be safely kept for the benefit and security of all persons insured by the insurer for claims and demands arising out of the title insurance business, and shall be held and considered specially pledged as security for the title claims and demands; provided, that the insurer may change its deposits at any time and from time to time by depositing other securities of the kinds and descriptions in this section authorized to be deposited; and provided further, that the deposit, or change in deposit, shall be subject to the approval of the commissioner.

Legislative History

Acts 1955, ch. 173, § 11; T.C.A., § 56-3416.