Tenn. Code Ann. § 56-21-101: Paid-up guaranty capital - Division into shares

(a) Any mutual fire insurance company organized under the laws of this state shall have a paid-up guaranty capital of not less than nine hundred fifty thousand dollars ($950,000) divided into shares of not exceeding one hundred dollars ($100) each.

(b) The increase in the minimum amount of guaranty capital provided by the 1969 amendment does not apply to companies qualified and authorized prior to May 7, 1969.