Md. Code, Ins. § 7-607

Current with changes from the 2024 Legislative Session
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.

Md. Code, IN § 7-607

Amended by 2013 Md. Laws, Ch. 115,Sec. 1, eff. 1/1/2014.