56-1-416 - Revocation or suspension of certificate of authority.
56-1-416. Revocation or suspension of certificate of authority.
(a) The commissioner shall revoke or suspend all certificates of authority granted to the company or its agents and cause notice of revocation or suspension to be published in one (1) or more newspapers of general circulation, if the commissioner is of the opinion, upon examination or other evidence, that:
(1) A foreign insurance company is:
(A) In an unsound condition; or
(B) If a life insurance company, has actual funds, exclusive of its capital, less than its liabilities; or
(2) A foreign insurance company has:
(A) Failed to comply with the law; or
(B) Its officers or agents have:
(i) Refused to submit to examination;
(ii) Refused to perform any legal obligations in relation to examinations; or
(iii) Failed to pay any final judgment against the company recovered by a Tennessee citizen.
(b) No new business shall be done by a company or its agents under suspension or revocation while the default or disability continues, nor until its authority to do business is restored by the commissioner.
[Acts 1895, ch. 160, § 5; Shan., § 3283; Code 1932, § 6098; T.C.A. (orig. ed.), § 56-128.]