Tennessee § 56-21-116 - Regular and contingent premiums — Additional assessments.
Full text of Tennessee Tennessee Code Annotated § 56-21-116 — Regular and contingent premiums — Additional assessments., with citation guidance and answers to common questions.
§ 56-21-116. Regular and contingent premiums — Additional assessments.
All companies operating under this chapter and not maintaining a nine hundred fifty thousand dollar ($950,000) guaranty capital or more and a full legal reinsurance reserve, exclusive of all other liabilities, shall charge one (1) full regular annual or term premium for each policy issued and collect the same at the times and under the conditions as the insurance contract provides for; and the insured or policyholders shall be liable for a contingent premium equal to and in addition to the regular premium if needed by the company for the purpose of paying its losses and other liabilities. If any such company desires, it may make provisions in its insurance contract for assessments in addition to the one (1) contingent premium, which is herein made mandatory. 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, § 5; Shan., § 3369a14; Acts 1921, ch. 160, § 5; Code 1932, § 6265; Acts 1969, ch. 218, §§ 5, 6; T.C.A. (orig. ed.), § 56-2018. Textbooks. Tennessee Jurisprudence, 15 Tenn. Juris., Insurance, § 115.
Source: official Tennessee text · Last verified 2026-08-27
Frequently Asked Questions About Tennessee § 56-21-116
What does Tennessee Code Annotated § 56-21-116 cover?
Section 56-21-116 ("Regular and contingent premiums — Additional assessments.") 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 § 56-21-116?
A common citation format is "Tennessee Code Annotated § 56-21-116" (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 § 56-21-116 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.