Montana Code 33-2-2109. Sanctions — penalties
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33-2-2109. Sanctions — penalties. Any insurer failing, without just cause, to timely file the CGAD as required in this part shall, after notice and hearing, pay a penalty of $100 for each day’s delay to the commissioner. The penalty must be collected by the commissioner in the name of the state of Montana and deposited in the general fund. The maximum penalty under this section is $1 million. 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.
Terms Used In Montana Code 33-2-2109
- CGAD: means a corporate governance annual disclosure, a confidential report filed by the insurer or insurance group made in accordance with the requirements of this part. See Montana Code 33-2-2103
- Commissioner: means the insurance commissioner of the state of Montana. See Montana Code 33-2-2103
- Insurer: has the meaning provided in 33-1-201, except that it may not include agencies, authorities, or instrumentalities of the United States, its possessions and territories, the Commonwealth of Puerto Rico, the District of Columbia, or a state or political subdivision of a state. See Montana Code 33-2-2103
- State: when applied to the different parts of the United States, includes the District of Columbia and the territories. See Montana Code 1-1-201