# Insurance (GIN)

## Title 4. General Requirements for Insurers

### Subtitle 5. Corporate Governance Annual Disclosure Act

#### Section 4-507

(a) Subject to Sec. 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.

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Md. Code Ann., Ins. (as displayed at mgaleg.maryland.gov, October 16, 2026)