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§ 7-607. Failure to file statement or enterprise risk report; penalties

MD Ins Code § 7-607 (2019) (N/A)
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(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.

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