56-1-415 - Issuance of policies by domestic life insurance companies forbidden when assets are insufficient.
56-1-415. Issuance of policies by domestic life insurance companies forbidden when assets are insufficient.
When the actual funds of a domestic life insurance company, exclusive of its capital, are not of a net cash value equal to its liabilities, including the net value of its policies, computed by the rule of valuation established by §§ 56-1-402 56-1-405, the commissioner shall notify the company and its agents to issue no new policies until its funds become equal to its liabilities.
[Acts 1895, ch. 160, § 7; Shan., § 3287; Code 1932, § 6102; T.C.A. (orig. ed.), § 56-127.]