Issuance of license to company controlled by foreign government prohibited

The commissioner is forbidden to grant a license to any insurance company or other insurance entity that is financially owned or financially controlled by any alien or foreign government outside the continental limits of the United States or the territories of the United States, or to authorize the company or entity to transact any kind of insurance business in this state. Acts 1955, ch. 3, § 2; T.C.A., §§ 56-324, 56-229. The commissioner is forbidden to grant a license to any insurance company or other insurance entity that is financially owned or financially controlled by any alien or foreign government outside the continental limits of the United States or the territories of the United States, or to authorize the company or entity to transact any kind of insurance business in this state. Acts 1955, ch. 3, § 2; T.C.A., §§ 56-324, 56-229.