56-2-116 - Exemption of previously licensed companies Termination of exemption for foreign insurance companies. - Tennessee Statutes

56-2-116. Exemption of previously licensed companies Termination of exemption for foreign insurance companies.

(a)  No requirement of §§ 56-2-101 56-2-103, 56-2-113 56-2-115, 56-2-201, and 56-2-301 not in effect on March 1, 1986, shall be considered applicable to any insurance company properly licensed to transact business in this state on that date.

(b)  Notwithstanding subsection (a), any foreign insurance company filing an annual statement under § 56-1-501, not possessing the minimum capital and surplus required by §§ 56-2-114 and 56-2-115 on and after January 1, 1987, shall cease to write any new business until the minimum capital and surplus required are met.

(c)  Subsection (b) shall not apply to the procedures and capital requirements of a casualty company for the exclusive purpose of writing bonds only.

(d)  Any domestic insurer otherwise exempt under subsection (a) that at any time meets the capital and surplus requirements under this chapter shall thereafter be required to maintain the required capital and surplus limits.

[Acts 1955, ch. 13, § 6 (T.C.A. (supp.), § 56-322); 1967, ch. 31, § 6; 1977, ch. 127, §§ 1, 2; T.C.A, § 56-217; Acts 1986, ch. 535, §§ 3-5.]