An insurer failing, without just cause, to timely file the ORSA summary report as
required in this chapter is required, after notice and hearing, is subject to a penalty
under Section 31A-2-308 for each day's delay, to be recovered by the commissioner and the penalty so recovered
shall be paid into the General Fund. The maximum penalty under this section is a penalty permitted under Section 31A-2-308. 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.
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