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2019 Tennessee Code
Title 56 - Insurance
Chapter 21 - State Mutual Fire Insurance Companies
§ 56-21-108. Withdrawal of guaranty capital or securities by guarantor.
Universal Citation: TN Code § 56-21-108 (2019)
(a) A guarantor desiring to surrender the guarantor's shares and withdraw the guaranty capital or securities may do so by giving the company ninety (90) days' written notice to that effect; provided, that the withdrawal does not impair the company's guaranty capital below nine hundred fifty thousand dollars ($950,000).
(b) The increase in the minimum amount of guaranty capital provided by the 1969 amendment does not apply to companies qualified and authorized prior to May 7, 1969.
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