(a) Any insurer failing, without just cause as determined by the commissioner, to timely file the ORSA Summary Report as required in this chapter shall be required, after notice and hearing as provided in Chapter 2, to pay a penalty of one hundred dollars ($100) for each day's delay, not to exceed ten thousand dollars ($10,000).
(b) 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.
(c) Any penalty collected under this section shall be deposited in the State Treasury to the credit of the Insurance Department Fund.
Structure Code of Alabama
Chapter 29A - Risk Management and Own Risk and Solvency Assessment.
Section 27-29A-1 - Purpose and Scope.
Section 27-29A-2 - Definitions.
Section 27-29A-3 - Risk Management Framework.
Section 27-29A-4 - Orsa Requirement.
Section 27-29A-5 - Orsa Summary Report.
Section 27-29A-7 - Contents of Orsa Summary Report.