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. 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: $500 for each day from May 1 through May 10; $1,000 for each day from May 11 through May 31; and $5,000 for each day after May 31. In determining the amount of any financial penalty to be imposed under this section, the Commissioner shall consider the following factors: the seriousness of the violation; the good faith of the violator; the violator’s history of previous violations; the deleterious effect of the violation on the public and the insurance industry; and the assets of the violator.