20-491.07. Civil penalties
85 words·~1 min read·
/az/title-20/20-491-07A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
An insurer who fails to file without just cause the ORSA summary report required by this article after notice and a hearing shall pay a penalty of five hundred dollars for each day's delay in filing, not to exceed one hundred thousand dollars. The director may reduce the penalty if the insurer demonstrates that the imposition of the penalty would constitute a financial hardship to the insurer. The director shall deposit, pursuant to sections 35-146 and 35-147, the penalties collected in the state general fund.