CORPORATE GOVERNANCE ANNUAL DISCLOSURE ACT
Any insurer failing, without just cause, to timely file the CGAD as required in this chapter shall be required, after notice and hearing, to pay a penalty of $100 for each day's delay up to a maximum of $2,500, to be recovered by the commissioner. The penalty so recovered shall be deposited in the general fund. The commissioner may reduce the penalty if the insurer demonstrates to the commissioner that the imposition of the penalty would constitute a financial hardship to the insurer.
Source. 2016, 316:1, eff. Jan. 1, 2017.