Tennessee § 56-2-407 - Revocation of authority of foreign companies.
Full text of Tennessee Tennessee Code Annotated § 56-2-407 — Revocation of authority of foreign companies., with citation guidance and answers to common questions.
§ 56-2-407. Revocation of authority of foreign companies.
The authority of a foreign insurance company may be revoked: If it violates or neglects to comply with any law obligatory upon it; Whenever, in the opinion of the commissioner, its condition is unsound, or its assets above its liabilities exclusive of capital and inclusive of unearned premiums, as provided in §§ 56-1-402 — 56-1-405 [see the Compiler's Notes], are less than the amount of its original capital or required unimpaired funds; or If any foreign company licensed to transact business in this state reinsures or accepts reinsurance on property located in this state for any company not authorized to transact the business of insurance in this state; provided, that § 56-1-102 does not apply to foreign marine policies. Acts 1895, ch. 160, § 12; Shan., § 3295; Acts 1919, ch. 170, § 1; Code 1932, § 6111; T.C.A. (orig. ed.), §§ 56-312, 56-234. Compiler's Notes. Sections 56-1-402 and 56-1-403, referred to in this section, were repealed by Acts 2013, ch. 260, § 1, effective July 1, 2013. Textbooks. Tennessee Jurisprudence, 15 Tenn. Juris., Insurance, § 5.
Source: official Tennessee text · Last verified 2026-08-27
Frequently Asked Questions About Tennessee § 56-2-407
What does Tennessee Code Annotated § 56-2-407 cover?
Section 56-2-407 ("Revocation of authority of foreign companies.") is part of the Tennessee Code Annotated, the codified statutory law of Tennessee. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Tennessee § 56-2-407?
A common citation format is "Tennessee Code Annotated § 56-2-407" (Tennessee). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Tennessee law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Tennessee official source linked on this page or consult a licensed Tennessee attorney.
How does Tennessee § 56-2-407 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Tennessee can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Tennessee.