Minimum capital requirements

(a) A domestic mutual life insurance company operating under this chapter shall not receive an original or renewal certificate of authority from the commissioner to issue policies or contracts of insurance unless it possesses and maintains capital or surplus funds as required by § 56-2-114 . (b) Subsection (a) does not apply to any insurance company chartered prior to March 15, 1976. Acts 1949, ch. 91, § 14; C. Supp. 1950, § 6433.26 (Williams, § 6433.30); Acts 1976, ch. 413, §§ 1, 3; T.C.A. (orig. ed.), § 56-1602. (a) A domestic mutual life insurance company operating under this chapter shall not receive an original or renewal certificate of authority from the commissioner to issue policies or contracts of insurance unless it possesses and maintains capital or surplus funds as required by § 56-2-114 . (b) Subsection (a) does not apply to any insurance company chartered prior to March 15, 1976. Acts 1949, ch. 91, § 14; C. Supp. 1950, § 6433.26 (Williams, § 6433.30); Acts 1976, ch. 413, §§ 1, 3; T.C.A. (orig. ed.), § 56-1602.