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2022 Maryland Statutes
Insurance
Title 32 - Risk Management and Own Risk and Solvency Assessment Act
Section 32-109 - Penalties for Noncompliance
Universal Citation: MD. Insurance Code § 32-109 (2022)
(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.
(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.
(c) This section does not limit the authority of the Commissioner to take any other action authorized by this article.
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