(a) In addition to any other penalty provided by law, a person that willfully violates this title or any regulation adopted under this title is subject to a penalty of up to $10,000 for the first day of violation and up to $1,000 for each additional day that the violation continues.
(b) In determining the amount of any financial penalty to be imposed under this section, the Commissioner shall consider the following factors:
(1) the seriousness of the violation;
(2) the good faith of the violator;
(3) the violator’s history of previous violations;
(4) the deleterious effect of the violation on the public and the insurance industry; and
(5) the assets of the violator.
(c) Before imposing a penalty under this subsection, the Commissioner:
(1) shall give the person that allegedly committed the violation notice and an opportunity for hearing; and
(2) must find that the person willfully committed the violation.
Structure Maryland Statutes
Title 7 - Maryland Insurance Acquisitions Disclosure and Control Act
Section 7-801 - Jurisdiction of State Courts
Section 7-802.1 - Violations of Reporting and Submissions Requirements
Section 7-803 - Unfair Trade Practices
Section 7-804 - Delinquency Proceedings
Section 7-805 - Petitions for Injunctive or Other Relief
Section 7-806 - Recovery of Payments and Distributions
Section 7-807 - Criminal Penalties; False Statements, Reports, or Filings