(a) The maximum premium payable by any member shall be expressed in the policy or in the application for the insurance. The maximum premium may be a cash premium and the contingent premium not less than the cash premium, or may be solely a cash premium.(b) No policy shall be issued for a cash premium without an additional contingent premium, unless the company has a surplus of at least one hundred thousand dollars ($100,000) or a surplus that is not less in amount than the capital stock required of domestic stock insurance companies transacting the same kinds of insurance.Acts 1919, ch. 108, § 10; Shan. Supp., § 3369a58b16; Code 1932, § 6328; T.C.A. (orig. ed.), § 56-1713.
Tennessee Legal Code