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2021 Arizona Revised Statutes
Title 20 - Insurance
§ 20-491.07 - Civil penalties
Universal Citation: AZ Rev Stat § 20-491.07 (2021)
20-491.07. Civil penalties
An insurer who fails to file without just cause the ORSA summary report required by this article after notice and a hearing shall pay a penalty of five hundred dollars for each day's delay in filing, not to exceed one hundred thousand dollars. The director may reduce the penalty if the insurer demonstrates that the imposition of the penalty would constitute a financial hardship to the insurer. The director shall deposit, pursuant to sections 35-146 and 35-147, the penalties collected in the state general fund.
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