56-2-607 - Defense by insurer Bond or certificate of authority. - Tennessee Statutes

56-2-607. Defense by insurer Bond or certificate of authority.

Before any unauthorized foreign or alien insurer files or causes to be filed any pleading in any action, suit or proceeding instituted against it, the unauthorized insurer shall:

     (1)  Deposit with the clerk of the court in which the action, suit or proceeding is pending cash or securities or file with the clerk a bond with good and sufficient sureties, to be approved by the court, in an amount to be fixed by the court sufficient to secure the payment of any final judgment that may be rendered in the action; or

     (2)  Procure a certificate of authority to transact the business of insurance in this state.

[Acts 1955, ch. 2, § 3; T.C.A., §§ 56-333, 56-252.]