§ 4–507
Statutes in effect as of October 1, 2026.
Md. Code Ann., Ins. § 4-507 (2026)
Title 4. General Requirements for Insurers
Subtitle 5. Corporate Governance Annual Disclosure Act
§ 4–507LinkCopy Citation
(a)
Subject to § 2–210 of this article, an insurer that fails to timely submit a CGAD to the Commissioner as required by this subtitle and without just cause 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 a penalty imposed on an insurer under subsection (a) of this section if the insurer demonstrates to the Commissioner that the imposition of the penalty would constitute a financial hardship to the insurer.
(c)
This section does not limit the authority of the Commissioner to take any other action authorized by this article.