Section 0180-12-.03 - SURPLUS ACCOUNTS OF EXPENSE FUNDS(1) Any or all the capital accounts may be used as reserves required under this act and any combination of such net worth may by action of the association be specifically earmarked as an insurance reserve account to be used solely for absorbing losses.(2) Associations must maintain free and encumbered assets represented by capital and surplus in an amount of not less than one percent (1%) of savings and/or deposit liabilities.Tenn. Comp. R. & Regs. 0180-12-.03
Original rule certified June 10, 1974. Repeal and new rule filed June 30, 1980; effective September 15, 1980. Transferred from the Department of Commerce and Insurance by Executive Order Number 38; effective February 11, 1983.Authority: T.C.A. §§ 45-3-111, 45-3-112, and 45-3-405.