Section 10-3-1509 - Sanctions

Any insurer failing, without just cause, to timely file the ORSA summary report as required in this part 15 shall, after notice and hearing, pay a penalty of two hundred dollars for each day's delay. The maximum penalty under this section is twenty-five thousand dollars. 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.Added by 2016 Ch. 32,§ 2, eff. 3/18/2016.L. 2016: Entire part added, (SB 16-029), ch. 32, p. 78, § 2, effective March 18.