Any insurer or insurance group that fails, without just cause, to timely file a CGAD as required in this part 16 shall pay, after notice and a hearing, a penalty of two hundred dollars for each day's delay. The maximum penalty under this section is twenty-five thousand dollars. The commissioner may reduce the penalty if the insurer or insurance group demonstrates to the commissioner that the imposition of the penalty would constitute a financial hardship to the insurer or insurance group.
Source: L. 2019: Entire part added, (HB 19-1291), ch. 188, p. 2089, § 1, effective August 2.