Tennessee § 56-21-105 - Impairment of guaranty capital — Effect.
Full text of Tennessee Tennessee Code Annotated § 56-21-105 — Impairment of guaranty capital — Effect., with citation guidance and answers to common questions.
§ 56-21-105. Impairment of guaranty capital — Effect.
Should the guaranty capital of any mutual fire insurance company at any time become impaired and remain so for sixty (60) days, the company shall cease issuing policies until the impairment is made good by either replacing the funds due the guaranty capital or by reducing the authorized amount of same by written notice to the commissioner by an amount equal to the impairment, but in no event to less than nine hundred fifty thousand dollars ($950,000). The company may continue to collect premiums that are due or become due on policies already in force while the impairment exists and until it is made good. The increase in the minimum amount of guaranty capital provided by the 1969 amendment does not apply to companies qualified and authorized prior to May 7, 1969. Acts 1907, ch. 461, § 4; Shan., § 3369a9; Acts 1921, ch. 160, § 4; Code 1932, § 6260; Acts 1969, ch. 218, §§ 3, 6; T.C.A. (orig. ed.), § 56-2007.
Source: official Tennessee text · Last verified 2026-08-27
Frequently Asked Questions About Tennessee § 56-21-105
What does Tennessee Code Annotated § 56-21-105 cover?
Section 56-21-105 ("Impairment of guaranty capital — Effect.") 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 § 56-21-105?
A common citation format is "Tennessee Code Annotated § 56-21-105" (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 § 56-21-105 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.