Tenn. Comp. R. & Regs. 0180-12-.25

Current through December 10, 2024

Section 0180-12-.25 - CAPITAL REQUIREMENTS FOR BRANCH

Each association in "COMPLIANCE" (which means an association in existence and complying with capital requirements for insurance of accounts as of July 1, 1978) with minimum capital requirements without regard to composition of such capital shall be required to have additional capital for each branch over and above that required for "COMPLIANCE" of $50,000 for counties having a population up to 10,000; $100,000 for counties having a population between 10,000 and 100,000; and $150,000 for counties having a population in excess of 100,000. The additional capital requirements for a satellite office shall be one-half of that required for a branch, and it must be within fifteen (15) miles of the home or branch office. For an association to branch or establish a satellite office in a county with a population greater than the county where the home office of the association is located, the total capital must be increased to that required for the larger county plus the requirements set forth.

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. §§ 45-3-302 and 45-3-404.