Tennessee Code 56-1-502 – Forfeiture for failure to file statement – Suspension of authority to do new business
Current as of: 2024 | Check for updates
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Terms Used In Tennessee Code 56-1-502
- Commissioner: means the commissioner of commerce and insurance. See Tennessee Code 56-1-102
- insurance company: includes all corporations, associations, partnerships, or individuals engaged as principals in the business of insurance. See Tennessee Code 56-1-102
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.