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