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2013 Maryland Code
INSURANCE
§ 7-607 - Failure to file statement [Subject to amendment effective January 1, 2014; amended version follows this section].

Universal Citation:
MD Ins Code § 7-607 (2013)
Learn more This media-neutral citation is based on the American Association of Law Libraries Universal Citation Guide and is not necessarily the official citation.

§7-607.

Failure to file the registration statement or summary of it required by this subtitle in the time specified in this subtitle is a violation of this title.

§ 7-607 - Failure to file statement or enterprise risk report; penalties (Effective January 1, 2014)

(a) In general. -- 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.

(b) Penalty. --

(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.

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