The officers of every corporation subject to this chapter may proceed to collect any assessment, when due and unpaid for thirty (30) days. Refusal and neglect on their part to endeavor to collect the assessments, or to perform any of the duties imposed by this chapter, shall render them liable, individually, for the amount lost by any person who loses by their neglect or refusal, and an action can be maintained against the officers for the losses.
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 Exclusion From Membership — Policies Cancelled or Withdrawn — Effect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