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§ 7-607. Failure to file registration statement, summary, or enterprise risk report

West's Annotated Code of MarylandInsuranceEffective: January 1, 2014

West's Annotated Code of Maryland
Insurance (Refs & Annos)
Title 7. Maryland Insurance Acquisitions Disclosure and Control Act (Refs & Annos)
Subtitle 6. Registration of Insurers in Insurance Holding Company Systems (Refs & Annos)
Effective: January 1, 2014
MD Code, Insurance, § 7-607
§ 7-607. Failure to file registration statement, summary, or enterprise risk report
Currentness
In general
(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.
Fines and penalties
(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.

Credits

Added by Acts 1995, c. 36, § 1, eff. Oct. 1, 1997. Amended by Acts 2013, c. 115, § 1, eff. Jan. 1, 2014.
Formerly Art. 48A, § 495.
MD Code, Insurance, § 7-607, MD INSURANCE § 7-607
Current through legislation effective through April 25, 2024, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
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