“ It construed the statutory provisions to mean 'that the tax is levied upon the right to do business in the state, measured by a percentage of annual premiums to the exclusion of all other taxes, the tax on the annual premiums to be paid throughout the life of policies issued'; that though 'measured by two and a half per cent of premiums received on policies issued by the company while exercising its license from the state, the tax was levied upon the privilege of entering the state and engaging in the insurance business, and not upon the annual premiums' ”

“ The Supreme Court of Tennessee emphasized the point of this distinction in its opinion on rehearing. 138 S.W.2d 447. Compare State v. Connecticut Mut. Life Insurance Company, 106 Tenn. 282, 333-335, 61 S.W. 75. ”