An action may be brought by the corporation against any member to recover all assessments that the member may neglect or refuse to pay, made upon the member under this chapter, or by the bylaws of the corporation. If the corporation is compelled to bring any such action in order to collect any such assessment, it may recover the amount so assessed, with fifty percent (50%) to be added to the amount, in addition to lawful interest, as a penalty for the neglect and refusal to pay within the time required.
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 Exclusion From Membership — Policies Cancelled or Withdrawn — Effect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