§ 4-507
107 words·~1 min read·
/md/insurance/4-507A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
§4–507.
(a)Subject to § 2–210 of this article, an insurer that fails to timely submit a CGAD to the Commissioner as required by this subtitle and without just cause is subject to a penalty of $200 for each day the violation continues, up to a maximum of $25,000.
(b)The Commissioner may reduce a penalty imposed on an insurer under subsection
(a)of this section if the insurer demonstrates to the Commissioner that the imposition of the penalty would constitute a financial hardship to the insurer.
(c)This section does not limit the authority of the Commissioner to take any other action authorized by this article.