Section 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.