Fidelity or bonding corporations have the power to execute as surety, and guarantee the performance of: All bonds, stipulations, or undertakings conditioned for the faithful performance of any duty, public or private, including the bonds and obligations of such a character, as well of private individuals as of public officers, whether state, county, or municipal; […]
Whenever any recognizance, stipulation, bond or undertaking, conditioned for the faithful performance of any duty, or for doing or refraining from doing anything in the recognizance, stipulation, bond or undertaking specified, is by law required or permitted to be given with one (1) surety, or with two (2) or more sureties, for execution of the […]
No such company, organized under the laws of any sovereignty other than this state, shall do business under this chapter until it has appointed the commissioner its true and lawful attorney as required and provided by § 56-2-103, upon whom may be served all lawful process against the company in accordance with § 56-2-504.
Every company, before transacting any business under this chapter, shall deposit with the commissioner a copy of its charter, or articles of incorporation, and a statement, signed and sworn to by its president and secretary, showing its assets and liabilities. If the commissioner is satisfied that the company has authority under its charter to do […]
Before any surety company is authorized to execute the bonds referred to in this chapter, it shall deposit in the office of the commissioner one hundred thousand dollars ($100,000) in lawful money of the United States, or an equal amount in the bonds of the United States, or of this state, the bonds to be […]
The commissioner is the custodian of all funds and securities deposited with this state for the benefit of policyholders, or for other purposes, by insurance companies writing a fidelity, bonding, or surety business in this state.
Every such company shall, in the months of January, April, July and October of each year, file with the commissioner a statement, signed and sworn to by its president and secretary, showing its assets and liabilities, as is required by § 56-15-104. The commissioner has the power and the duty to revoke the authority of […]
It is unlawful for the corporation to write or cause to be written any policy or fidelity contract, except through licensed resident agents who shall countersign and record the policies or contracts and receive the full commission usually paid on business of the same classification in this state. This section does not apply to bid […]
It is unlawful for the resident agent to sign the policy in blank.
The commissioner and the commissioner’s deputies have the power to inquire into any violations of § 56-15-108 or § 56-15-109, and to examine any person or persons under oath.
The commissioner shall revoke for one (1) year the license of any company or agent found guilty of any violation of § 56-15-108 or § 56-15-109.
Any surety company doing business under this chapter may be sued in respect to doing business under this chapter in any court that has now, or hereafter may have, jurisdiction of actions or suits upon the recognizance, stipulation, bond, or undertaking in the county in which the recognizance, stipulation, bond, or undertaking was made or […]
Any company that executes or guarantees any recognizance, stipulation, bond or undertaking under this chapter shall be estopped, in any proceeding to enforce the liability that it has assumed to incur, to deny its corporate power to execute or guarantee the instrument or assume the liability.
If the company neglects or refuses to pay any final judgment or decree rendered against it upon the recognizance, stipulation, bond or undertaking made or guaranteed by it under this chapter, from which no appeal, writ of error or supersedeas has been taken for thirty (30) days after the rendition of the judgment or decree, […]
A company that fails to comply with §§ 56-15-102 — 56-15-107 and 56-15-112 — 56-15-114, shall forfeit to the state, for every failure, not less than five hundred dollars ($500) nor more than five thousand dollars ($5,000), to be recovered by suit in the name of the state of Tennessee, in the same courts in […]
