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§ 4-507. Penalty for failure to timely submit a CGAD

West's Annotated Code of MarylandInsuranceEffective: July 1, 2019

West's Annotated Code of Maryland
Insurance (Refs & Annos)
Title 4. General Requirements for Insurers
Subtitle 5. Corporate Governance Annual Disclosure Act (Refs & Annos)
Effective: July 1, 2019
MD Code, Insurance, § 4-507
§ 4-507. Penalty for failure to timely submit a CGAD
Currentness
In general
(a) Subject to § 2-210 of this article, an insurer that fails to timely submit a CGAD to the Commissioner as required by this subtitle and without just cause 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 a penalty imposed on an insurer under subsection (a) of this section if the insurer demonstrates to the Commissioner that the imposition of the penalty would constitute a financial hardship to the insurer.
Other authority of the Commissioner
(c) This section does not limit the authority of the Commissioner to take any other action authorized by this article.

Credits

Added by Acts 2019, c. 105, § 1, eff. July 1, 2019.
MD Code, Insurance, § 4-507, MD INSURANCE § 4-507
Current through legislation effective through April 9, 2023, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
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