521H.7 Penalties. 1. If an insurer or insurance group fails, without just cause, to timely file a corporate governance annual disclosure as required in this chapter, the commissioner shall, after noticeand hearing, impose a penalty of five hundred dollars for each day’s delay. The penalty shallbe collected by the commissioner and paid to the treasurer of state for deposit as provided insection 505.7. The maximum penalty which may be imposed under this section for any singlefailure is five thousand dollars. 2. The commissioner may reduce the penalty to be imposed if the insurer or insurance group demonstrates to the commissioner that imposition of the penalty would constitute afinancial hardship to the insurer or insurance group. 2015 Acts, ch 27, §7, 9 Sat Dec 23 00:53:23 2023 Iowa Code 2024, Section 521H.7 (11, 0)
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