(1) Upon written request of an insurer, the commissioner may waive, modify, or extend for an additional time period, for good cause shown, the reporting requirements imposed by this chapter. The request shall demonstrate good cause for waiving, modifying, or extending the reporting requirements. Good cause may include, but is not limited to, the insurer’s limited percentage of the total homeowners insurance market in this state, or the undue burden of compiling and reporting the computations, data, and other information required by this chapter due to the manner, format, or method in which the insurer has stored the computations, data, or other information required.
(2) Any insurer that fails to timely comply with the reporting requirements imposed by this chapter shall be given notice by the department of such failure and provided ninety (90) days within which to comply. Any insurer that fails to comply on or before the ninetieth day shall be fined Two Thousand Five Hundred Dollars ($2,500.00) per month by the department until the date of compliance. Any funds collected pursuant to this subsection shall be deposited into the Municipal Fire Protection Fund.
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