§ 7–607
Statutes in effect as of October 1, 2026.
Md. Code Ann., Ins. § 7-607 (2026)
Title 7. Maryland Insurance Acquisitions Disclosure and Control Act
Subtitle 6. Registration of Insurers in Insurance Holding Company Systems
§ 7–607LinkCopy Citation
(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.