# Insurance (GIN)

## Title 7. Maryland Insurance Acquisitions Disclosure and Control Act

### Subtitle 6. Registration of Insurers in Insurance Holding Company Systems

#### Section 7-607

(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 Sec. 7-603(a) of this subtitle on or before May 1 or the date the Commissioner sets in accordance with Sec. 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.

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