Tennessee § 56-2-909 - Sanctions.

§ 56-2-909. Sanctions.

Any insurer failing, without just cause, to timely file the CGAD as required in this part is required, after notice and a hearing, to pay a civil penalty of one hundred dollars ($100) per day for each day of delay, to be recovered by the commissioner, which must be paid into the general fund of this state. The maximum penalty under this section is ten thousand dollars ($10,000). The commissioner may reduce the civil penalty if the insurer demonstrates to the commissioner that imposition of the civil penalty would constitute a financial hardship to the insurer in the commissioner's sole discretion. Acts 2018, ch. 873, § 8. Compiler's Notes. Acts 2018, ch. 873, § 18(c) provided that the act, which enacted this part, §§ 56-2-901 — 56-2-910 , shall take effect January 1, 2019 and the requirement to file CGAD shall begin in the 2019 calendar year. Effective Dates. Acts 2018, ch. 873, § 18(b), (c). January 1, 2019; provided that for purposes of rulemaking the act took effect May 3, 2018.