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 one thousand dollars ($1,000) for each day's delay, to be recovered by the commissioner. Any penalty recovered shall be deposited in the State General Fund. The maximum penalty under this section is one hundred thousand dollars ($100,000). 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.
Structure Code of Alabama
Chapter 29B - Corporate Governance Annual Disclosure Act.
Section 27-29B-1 - Purpose and Scope.
Section 27-29B-2 - Definitions.
Section 27-29B-3 - Disclosure Requirement.
Section 27-29B-5 - Contents of Corporate Governance Annual Disclosure.
Section 27-29B-6 - Confidentiality.