522.9 Penalties. 1. If an insurer fails, without just cause, to file an own risk and solvency assessment summary report by the filing date stipulated to the commissioner pursuant to section 522.5,subsection 1, paragraph 'c', the commissioner shall, after notice and hearing, impose apenalty of five hundred dollars for each calendar day after the stipulated date that thesummary report is not filed. The penalties shall be collected by the commissioner anddeposited pursuant to section 505.7. The maximum penalty which may be imposed underthis section is fifty thousand dollars. 2. The commissioner may reduce the penalty to be imposed if the insurer demonstrates to the commissioner that imposition of the penalty would constitute a financial hardship tothe insurer. 2013 Acts, ch 40, §9, 11; 2021 Acts, ch 181, §33 Sat Dec 23 00:53:53 2023 Iowa Code 2024, Section 522.9 (15, 0)
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