Tennessee § 56-24-101 - Insolvent domestic corporations — Action by attorney general — Application for restraining order.

§ 56-24-101. Insolvent domestic corporations — Action by attorney general — Application for restraining order.

When the commissioner of commerce and insurance, on investigation, is satisfied that any corporation organized under the laws of this state and doing business as a life and casualty insurance company is insolvent because of matured death claims or other obligations due and unpaid exceeding its assets and death assessments or periodical payments called or in process of collection, or has exceeded its powers, has failed to comply with any provision of law, or is not carrying out its contracts with members in good faith, the commissioner shall report the facts to the attorney general and reporter, who, if of the opinion that the facts require the action, may apply to any court having jurisdiction for an order requiring the officers of the corporation to show cause within a reasonable time why the corporation should not be restrained from continuing to transact business. Acts 1897, ch. 127, § 13; Shan., § 3350a11; Code 1932, § 6228; T.C.A. (orig. ed.), § 56-2321. Compiler's Notes. Additional provisions that had been formerly part of the chapter concerning life and casualty insurance upon the assessment plan were repealed by Acts 1963, ch. 9, § 1.