1. If an insurer or insurance group fails, without just cause, to timely file a corporate governance annual disclosure as required in NRS 692C.3501 to 692C.3509, inclusive, the insurer or insurance group shall, after receiving notice and a hearing, pay a civil penalty of $1,500 for each day the insurer or insurance group fails to file the corporate governance annual disclosure. The civil penalty may be recovered in a civil action brought by the Commissioner. Any civil penalty paid pursuant to this subsection must be deposited into the State General Fund.
2. The maximum civil penalty that may be imposed pursuant to subsection 1 is $100,000. The Commissioner may reduce the amount of the civil penalty if the insurer or insurance group demonstrates to the satisfaction of the Commissioner that the payment of the civil penalty would constitute a financial hardship on the insurer or insurance group.