A person required to file a pre-acquisition notification under this subtitle or Subtitle 3 of this title that fails to file the notification and that also fails to demonstrate a good faith effort to comply with the filing requirement is subject to a penalty not exceeding $50,000.
Structure Maryland Statutes
Title 7 - Maryland Insurance Acquisitions Disclosure and Control Act
Subtitle 4 - Acquisition of Control of Insurer
Section 7-401 - Acquisitions Subject to Subtitle
Section 7-402 - Transactions Excluded From Subtitle
Section 7-403 - Pre-Acquisition Notification Requirements
Section 7-404 - Waiting Period
Section 7-405 - Orders by Commissioner
Section 7-406 - Penalty for Failure to File Pre-Acquisition Notification