(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.
Structure Maryland Statutes
Title 32 - Risk Management and Own Risk and Solvency Assessment Act
Section 32-102 - Purposes; Applicability
Section 32-103 - Maintenance of Risk Management Framework
Section 32-104 - Orsa to Be Conducted
Section 32-105 - Summary Report or Reports
Section 32-107 - Orsa Summary Report
Section 32-108 - Confidentiality Requirements