1. (a) 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.

2. (b)

   1. (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:

      1. (i) $500 for each day from May 1 through May 10;
      2. (ii) $1,000 for each day from May 11 through May 31; and
      3. (iii) $5,000 for each day after May 31.

   2. (2) In determining the amount of any financial penalty to be imposed under this section, the Commissioner shall consider the following factors:

      1. (i) the seriousness of the violation;
      2. (ii) the good faith of the violator;
      3. (iii) the violator's history of previous violations;
      4. (iv) the deleterious effect of the violation on the public and the insurance industry; and
      5. (v) the assets of the violator.

Added by Acts 1995, c. 36, § 1, eff. Oct. 1, 1997. Amended by Acts 2013, c. 115, § 1, eff. Jan. 1, 2014.

Formerly Art. 48A, § 495.