Massachusetts § 26 - Failure to make and file annual statements; penalty

§ 26. Failure to make and file annual statements; penalty

Section 26. A company neglecting to make and file its annual statement or the materials required by the commissioner to be filed with the National Association of Insurance Commissioners under the provisions of section twenty-five in the form and within the time provided by the preceding section shall forfeit one hundred dollars for each day during which such neglect continues, and, upon notice by the commissioner to that effect, its authority to do new business shall cease while such default continues without any proceedings under section five or six.