Section 7-607 - Failure to file statement or enterprise risk report; penalties(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.(b)(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.Amended by 2013 Md. Laws, Ch. 115,Sec. 1, eff. 1/1/2014.