The secretary shall, within thirty (30) days after any assessment has been made, notify every member of the corporation, by written or printed notice, signed by the secretary, stating the amount due the corporation from the members, the time when and to whom it shall be paid, and the use to be made of the money collected. Such time shall not be less than thirty (30) days nor more than sixty (60) days from the service of the notice, which notice may be served personally or by mail. If by mail, service shall be deemed complete when deposited in the post office at the place where the principal office of the corporation is located, directed to each member at the member's place of residence or business, and postage prepaid. The expense and cost of collection of the assessment shall be regulated by the bylaws.
Structure 2021 Tennessee Code
Chapter 20 - Mutual or Assessment Fire Insurance Companies
§ 56-20-101. Documents Filed With Commissioner
§ 56-20-102. Policy Provisions
§ 56-20-103. Obligations of Insured — Uniformity
§ 56-20-105. Limitation on and Use of Assessments
§ 56-20-106. Notice of Assessments — Time of Payment — Expense and Cost of Collection
§ 56-20-107. Collection of Assessments by Officers — Individual Liability for Neglect
§ 56-20-108. Actions to Recover Assessments — Penalty and Interest
§ 56-20-109. Lien for Assessments — Rights of Subsequent Purchaser, or Junior Lienholder
§ 56-20-110. Exclusion From Membership — Policies Cancelled or Withdrawn — Effect
§ 56-20-111. Liability for Assessments Made Before Exclusion — Penalty — Limitation of Actions
§ 56-20-113. Annual Statement to Commissioner
§ 56-20-114. Examination by Commissioner — Payment of Expenses — Prosecution of Offending Officers
§ 56-20-115. Fees of Commissioner
§ 56-20-116. Extension of Business Operations
§ 56-20-117. Exemption From Deposit and Surplus Requirements