(a) An insurer that fails to pay any deficiency assessment when it becomes due and payable shall, in addition to the deficiency assessment, pay a penalty of 10 percent of the amount of the deficiency assessment, exclusive of interest and penalties. The amount of any deficiency assessment, exclusive of penalties, shall bear interest at the modified adjusted rate per month, or fraction thereof, established pursuant to Section 6591.5, from the date on which the amount, or any portion thereof, would have been payable if properly reported and assessed until the date of payment.
(b) This section shall become operative on July 1, 2013.
(Repealed (in Sec. 99) and added by Stats. 2013, Ch. 33, Sec. 100. (SB 78) Effective June 27, 2013. Section operative July 1, 2013, by its own provisions.)