1. The failure to file an ORSA Summary Report required by NRS 692C.351 to 692C.3548, inclusive, within the time specified for the filing is a violation of those sections.
2. Except as otherwise provided in subsection 3, if an insurer or group insurer fails, without just cause, to file an ORSA Summary Report required by NRS 692C.351 to 692C.3548, inclusive, the insurer or group insurer, as applicable, shall, after receiving notice and a hearing, pay a civil penalty of $1,500 for each day the insurer or group insurer fails to file the ORSA Summary Report. 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 in the State General Fund.
3. The maximum civil penalty that may be imposed pursuant to subsection 2 is $100,000. The Commissioner may reduce the amount of the civil penalty if the insurer or group insurer demonstrates to the satisfaction of the Commissioner that the payment of the civil penalty would impose a financial hardship on the insurer or group insurer, as applicable.
(Added to NRS by 2015, 3490)