§ 7-607
172 words·~1 min read·
/md/insurance/7-607A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
§7–607.
(a)Failure to file the registration statement, summary, or enterprise risk report required by this subtitle in the time specified in this subtitle is a violation of this title.
(1)An insurer that does not file a registration statement or summary required under § 7–603(a) of this subtitle on or before May 1 or the date the Commissioner sets in accordance with § 7–602(b) of this subtitle, may be subject to a penalty of up to:
(i)$500 for each day from May 1 through May 10;
(ii)$1,000 for each day from May 11 through May 31; and
(iii)$5,000 for each day after May 31.
(2)In determining the amount of any financial penalty to be imposed under this section, the Commissioner shall consider the following factors:
(i)the seriousness of the violation;
(ii)the good faith of the violator;
(iii)the violator’s history of previous violations;
(iv)the deleterious effect of the violation on the public and the insurance industry; and
(v)the assets of the violator.