2010 Tennessee Code
Title 56 - Insurance
Chapter 3 - Operation of Insurance Companies
Part 3 - Investments of Domestic Life Insurance Companies
56-3-307 - Investments or loans of domestic life insurance companies limited.
56-3-307. Investments or loans of domestic life insurance companies limited.
No domestic life insurance company shall invest or loan its funds in any manner except as provided in §§ 56-3-301 56-3-306, except that investments of domestic life insurance companies may include electronic computer or data processing machines or systems heretofore or hereafter purchased for use in connection with the business of the insurer; provided, that the machine or system shall have an original cost of at least fifty thousand dollars ($50,000), and that the amortized value of the machine or system at the end of any calendar year shall not be greater than the original purchase price less ten percent (10%) for each completed year after purchase.
[Acts 1907, ch. 458, § 4; Shan., § 3348a32; Code 1932, § 6207; T.C.A. (orig. ed.), § 56-220; Acts 1959, ch. 83, § 1; T.C.A. (orig. ed.), § 56-309.]
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