Mass. Gen. Laws ch. 176V § 8
Current through Chapters 1 to 249 and Chapters 253 to 255 of the 2024 Legislative Session
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.
Mass. Gen. Laws ch. 176V, § 8