If any member of the corporation is excluded therefrom as provided in § 56-20-110, and the policy issued to such member cancelled, the secretary shall at once enter the action, with date thereof, upon the records of the association, and, either in person or by mail, notify the member of the exclusion, and, if by mail, the postage shall be prepaid and the notice be addressed to the office given in the application or policy. From and after the personal notice, or five (5) days after mailing the notice, as required in this section, the policy shall be cancelled, and all liability on the policy shall cease, but the owner shall be entitled to receive from the corporation a repayment of an equitable portion of all unearned money to which the member has contributed, if any.
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 Exclusion From Membership — Policies Cancelled or Withdrawn — Effect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