Tennessee Code 56-21-102 – Deposit of securities
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Terms Used In Tennessee Code 56-21-102
- Commissioner: means the commissioner of commerce and insurance. See Tennessee Code 56-1-102
- State: when applied to the different parts of the United States, includes the District of Columbia and the several territories of the United States. See Tennessee Code 1-3-105
- written: includes printing, typewriting, engraving, lithography, and any other mode of representing words and letters. See Tennessee Code 1-3-105
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).