Issuance of policies by domestic life insurance companies forbidden when assets are insufficient

When the actual funds of a domestic life insurance company, exclusive of its capital, are not of a net cash value equal to its liabilities, including the net value of its policies, computed by the rule of valuation established by part 9 of this chapter, the commissioner shall notify the company and its agents to issue no new policies until its funds become equal to its liabilities. Amended by 2013 Tenn. Acts, ch. 260,s 2, eff. 7/1/2013. Acts 1895, ch. 160, § 7; Shan., § 3287; Code 1932, § 6102; T.C.A. (orig. ed.), § 56-127. When the actual funds of a domestic life insurance company, exclusive of its capital, are not of a net cash value equal to its liabilities, including the net value of its policies, computed by the rule of valuation established by part 9 of this chapter, the commissioner shall notify the company and its agents to issue no new policies until its funds become equal to its liabilities. Amended by 2013 Tenn. Acts, ch. 260,s 2, eff. 7/1/2013. Acts 1895, ch. 160, § 7; Shan., § 3287; Code 1932, § 6102; T.C.A. (orig. ed.), § 56-127.