Tennessee § 56-4-215 - Foreign companies — Tax upon business in force upon ceasing to transact new business — Failure to pay tax, penalty — Condition to obtain or renew license.
Full text of Tennessee Tennessee Code Annotated § 56-4-215 — Foreign companies — Tax upon business in force upon ceasing to transact new business — Failure to pay tax, penalty — Condition to obtain or renew license., with citation guidance and answers to common questions.
§ 56-4-215. Foreign companies — Tax upon business in force upon ceasing to transact new business — Failure to pay tax, penalty — Condition to obtain or renew license.
A foreign insurance company that takes out or renews a license to transact business in this state shall, upon the expiration of their license for any cause, or upon their ceasing to transact new business in this state, continue to pay the same tax upon its business remaining in force in this state, and in like manner and at like times as other duly licensed insurance companies of the same class are required to pay by any current law in force at that time. Such foreign companies that fail to pay the taxes required of them by this section, within sixty (60) days after the taxes are due, shall be liable for a penalty of fifty percent (50%) in addition to the taxes, recoverable at law or in equity. Compliance with this section shall be a condition upon which any foreign insurance company shall be authorized to obtain or renew a license, and the acceptance of these terms or conditions shall be conclusively presumed from the taking out or the renewing of the license. Acts 1903, ch. 442, §§ 2-4; Shan., §§ 3302a2-3302a4; Code 1932, §§ 6120-6122; T.C.A. (orig. ed.), § 56-419. Law Reviews. Taxation — Foreign Corporations After Withdrawal from State, 16 Tenn. L. Rev. 1005.
Source: official Tennessee text · Last verified 2026-08-27
Frequently Asked Questions About Tennessee § 56-4-215
What does Tennessee Code Annotated § 56-4-215 cover?
Section 56-4-215 ("Foreign companies — Tax upon business in force upon ceasing to transact new business — Failure to pay tax, penalty — Condition to obtain or renew license.") 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 § 56-4-215?
A common citation format is "Tennessee Code Annotated § 56-4-215" (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 § 56-4-215 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.