2021 Tennessee Code
Chapter 21 - State Mutual Fire Insurance Companies
§ 56-21-103. Interest and Dividends From Guaranty Capital Securities to Subscribers — Dividends on Paid-Up Shares

Every mutual fire insurance company organized with a guaranty capital may allow its subscribers all the interest and dividends accruing from the guaranty capital securities, according to the amount paid in or deposited by the respective guarantors, and, in addition, may pay the guarantors dividends of not exceeding six percent (6%) per annum on their respective paid-up shares; provided, that the surplus at the end of each year, over and above all liabilities, including reinsurance reserve and guaranty capital, is sufficient to pay the dividends.

Structure 2021 Tennessee Code