The commissioner shall approve or deny the application for a certificate of authority within thirty (30) days after the application has been filed. The commissioner shall approve the application if:(1) The capital and surplus have been fully paid in cash;(2) Appropriate bylaws have been adopted;(3) Any conditions imposed by the commissioner in granting the charter have been fulfilled;(4) The requirements of this chapter and chapter 1 of this title have been satisfied; and(5) An amount of fidelity bond coverages satisfactory to the commissioner is in force.Acts 1969, ch. 36, § 1 (3.312); 1973, ch. 294, § 6; T.C.A., § 45-214; Acts 1996, ch. 768, § 13.
Tennessee Legal Code