56-1-414 - Impairment of capital stock of domestic insurance company. - Tennessee Statutes

56-1-414. Impairment of capital stock of domestic insurance company.

When it appears to the commissioner that the capital stock of a domestic insurance company is impaired to the extent of twenty percent (20%) or more, the commissioner shall notify the company that its capital is legally subject to be made good; and, if the company does not, within sixty (60) days after the notice, satisfy the commissioner that it has fully repaired its capital, or reduced its capital as provided by law, the commissioner shall institute proceedings against it.

[Acts 1895, ch. 160, § 6; Shan., § 3286; Code 1932, § 6101; T.C.A. (orig. ed.), § 56-126.]