Sanctions

Any insurer failing, without just cause, to timely file the ORSA Summary Report as required in this chapter shall be required, after notice and a hearing, to pay a penalty of $500.00 for each day’s delay, to be recovered by the Commissioner and the penalty so recovered shall be paid into the General Fund of this Territory. The maximum penalty under this section is $5,000. 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.