Any insurer or health maintenance organization failing, without just cause, to timely file the ORSA Summary Report as required in this part shall be required, after notice and hearing, to pay a penalty of one hundred dollars ($100) for each day’s delay, to be recovered by the commissioner and the penalty so recovered shall be paid into the general revenue fund of this state. The maximum penalty under this section is ten thousand dollars ($10,000). The commissioner may reduce the penalty if the insurer or health maintenance organization demonstrates to the commissioner that the imposition of the penalty would constitute a financial hardship to the insurer or health maintenance organization.
Tenn. Code Ann. § 56-11-209
Failure to timely file ORSA summary report — Penalty
Known as the Tennessee Insurance Law
The act spans §§ 56-10-101 to 56-8-206 (1,220 sections).
Acts 2014, ch. 583, § 26.
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.