56-21-124 - Reinsurance of fire risks with or for other companies. - Tennessee Statutes

56-21-124. Reinsurance of fire risks with or for other companies.

Any state mutual fire insurance company organized under the laws of this state is empowered to contract by policy or other agreement with any insurance company authorized to do business in this state for reinsurance by the insurance company of the whole or any part of any risk it has outstanding by reason of the issuance of its policy of insurance. The state mutual fire insurance company is further empowered to reinsure for any state or county mutual fire insurance company organized under the laws of this state the whole or any part of any risk that the other company may be carrying and that such other company may desire to reinsure, in whole or in part.

[Acts 1925, ch. 85, § 1; Shan. Supp., § 3369a29b2; Code 1932, § 6280; T.C.A. (orig. ed.), § 56-2026.]