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2019 Delaware Code
Title 18 - Insurance Code
Chapter 85. Corporate Governance Annual Disclosure Act
§ 8509 Sanctions.
Universal Citation: 18 DE Code § 8509 (2019)
Any insurer failing, without just cause, to timely file the CGAD as required in this chapter shall be required, after notice and hearing, to pay a penalty of $500 for each day’s delay, to be recovered by the Commissioner and the penalty so recovered shall be paid into the General Fund. The maximum penalty under this section is $25,000. The Commissioner may reduce the penalty if the insurer demonstrates to the Commissioner that the imposition of the penalty would constitute a financial hardship to the insurer.
81 Del. Laws, c. 119, § 1.
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