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 one thousand dollars ($1,000) for each day’s delay, to be recovered by the commissioner. Any penalty recovered shall be deposited in the State General Fund. The maximum penalty under this section is one hundred thousand dollars ($100,000). 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.
Ala. Code § 27-29B-8
Sanctions.
(Act 2019-97, §1.)
Official source: Alabama Legislature (ALISON). Reproduced from public-domain Alabama statutes; confirm against the official source for the current text. Not legal advice.