Maryland Statutes
Subtitle 6 - Registration of Insurers in Insurance Holding Company Systems
Section 7-607 - Failure to File Statement or Enterprise Risk Report; Penalties

(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.
    (b)    (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:
            (i)    $500 for each day from May 1 through May 10;
            (ii)    $1,000 for each day from May 11 through May 31; and
            (iii)    $5,000 for each day after May 31.
        (2)    In determining the amount of any financial penalty to be imposed under this section, the Commissioner shall consider the following factors:
            (i)    the seriousness of the violation;
            (ii)    the good faith of the violator;
            (iii)    the violator’s history of previous violations;
            (iv)    the deleterious effect of the violation on the public and the insurance industry; and
            (v)    the assets of the violator.

Structure Maryland Statutes