Any insurance company that neglects to make and file its annual statement in the form and within the time provided by § 56-1-501 shall forfeit one hundred dollars ($100) for each day neglected, and, upon notice by the commissioner to that effect, its authority to do new business shall cease while the default continues.
Tenn. Code Ann. § 56-1-502
Forfeiture for failure to file statement — Suspension of authority to do new business
Known as the Tennessee Insurance Law
The act spans §§ 56-10-101–56-8-206 (1,220 sections).
Acts 1895, ch. 160, § 34; Shan., § 3318; Code 1932, § 6147; T.C.A
Current official text: Tennessee Code (LexisNexis). Digitized from the UniCourt Code Improvement Commission public-domain capture. Reproduced from public-domain Tennessee statutes; confirm against the official source for the current text. Not legal advice.