Tenn. Code Ann. § 56-21-110

Deposits and investments — Borrowing of funds by officers or committee members prohibited — Director or officer not to take fees for making loans — Penalty

Known as the Tennessee Insurance Law

The act spans §§ 56-10-101 to 56-8-206 (1,220 sections).

Acts 1907, ch. 461, § 10; Shan., § 3369a26; Acts 1921, ch. 160, § 10; Code 1932, § 6277; T.C.A

(1) The deposits and investments of every mutual fire insurance company subject to this chapter shall be made in its corporate name.

(2) No officer of the company or member of any committee thereof charged with the investment of funds shall borrow the same or be, directly or indirectly, liable therefor, for or on account of loans made to others, nor shall any director or any officer take or receive to use any fee, brokerage, commission, gift or other consideration on account of any loan made by or on behalf of any such company; provided, that this does not prevent the persons subscribing for or securing shares of guaranty capital in any company operating on the guaranty capital plan on equal terms and conditions with other guarantors.

(3) A violation of this section is a Class C misdemeanor.

Current official text: Tennessee Code (LexisNexis). Digitized from the UniCourt Code Improvement Commission public-domain capture. Reproduced from public-domain Tennessee statutes; confirm against the official source for the current text. Not legal advice.