Section 8: Failure to timely file ORSA summary report; penalty
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/ma/part-i/title-xxii/chapter-176v/8·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Section 8. Any insurer failing, without just cause, to timely file the ORSA summary report as required in this chapter shall be required, after notice and hearing, to pay a penalty of $500 for each day the report is delayed, to be recovered by the commissioner. The maximum penalty pursuant to this section shall be $10,000. The commissioner may reduce the penalty if the insurer demonstrates to the commissioner that the imposition of the penalty would constitute a financial hardship to the insurer.