(1) An insurer failing, without just cause, to timely file the corporate governance annual disclosure as required under this subchapter shall be required, after notice and hearing, to pay a penalty of one hundred dollars ($100) for each day's delay, payable to the Insurance Commissioner, and the penalty recovered shall be paid into the General Revenue Fund Account of the State Apportionment Fund.
(2) The maximum penalty under subsection (a) of this section is ten thousand dollars ($10,000).
(3) 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.