<?xml version='1.0' encoding='utf-8'?>
<section article="gin" article_name="Insurance" number="4-507" title_number="4" title_name="General Requirements for Insurers" subtitle_number="5" subtitle_name="Corporate Governance Annual Disclosure Act">
  <level label="a">
    <text>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.</text>
  </level>
  <level label="b">
    <text>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.</text>
  </level>
  <level label="c">
    <text>This section does not limit the authority of the Commissioner to take any other action authorized by this article.</text>
  </level>
</section>
