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§ 32-109. Penalty for failing to file ORSA Summary Report

West's Annotated Code of MarylandInsuranceEffective: January 1, 2018

West's Annotated Code of Maryland
Insurance (Refs & Annos)
Title 32. Risk Management and Own Risk and Solvency Assessment Act (Refs & Annos)
Effective: January 1, 2018
MD Code, Insurance, § 32-109
§ 32-109. Penalty for failing to file ORSA Summary Report
Currentness
In general
(a) Subject to § 2-210 of this article, a carrier that, without just cause, fails to timely file an ORSA Summary Report as required by this title is subject to a penalty of $200 for each day the violation continues, up to a maximum of $25,000.
Reduction of penalty
(b) The Commissioner may reduce the penalty under subsection (a) of this section if the carrier demonstrates to the Commissioner that the imposition of the penalty would constitute a financial hardship to the carrier.
Application of section
(c) This section does not limit the authority of the Commissioner to take any other action authorized by this article.

Credits

Added by Acts 2017, c. 36, § 1, eff. Jan. 1, 2018.
MD Code, Insurance, § 32-109, MD INSURANCE § 32-109
Current through legislation effective through May 8, 2023, from the 2023 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
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