56-1-502 - Forfeiture for failure to file statement Suspension of authority to do new business.
56-1-502. Forfeiture for failure to file statement Suspension of authority to do new business.
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.
[Acts 1895, ch. 160, § 34; Shan., § 3318; Code 1932, § 6147; T.C.A. (orig. ed.), § 56-132.]