Tennessee § 56-1-502 - Forfeiture for failure to file statement — Suspension of authority to do new business.
Full text of Tennessee Tennessee Code Annotated § 56-1-502 — Forfeiture for failure to file statement — Suspension of authority to do new business., with citation guidance and answers to common questions.
§ 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.
Source: official Tennessee text · Last verified 2026-08-27
Frequently Asked Questions About Tennessee § 56-1-502
What does Tennessee Code Annotated § 56-1-502 cover?
Section 56-1-502 ("Forfeiture for failure to file statement — Suspension of authority to do new business.") is part of the Tennessee Code Annotated, the codified statutory law of Tennessee. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Tennessee § 56-1-502?
A common citation format is "Tennessee Code Annotated § 56-1-502" (Tennessee). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Tennessee law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Tennessee official source linked on this page or consult a licensed Tennessee attorney.
How does Tennessee § 56-1-502 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Tennessee can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Tennessee.