§7–607.

    (a)    Failure to file the registration statement, summary, or enterprise risk report required by this subtitle in the time specified in this subtitle is a violation of this title.

    (b)    (1)    An insurer that does not file a registration statement or summary required under § 7–603(a) of this subtitle on or before May 1 or the date the Commissioner sets in accordance with § 7–602(b) of this subtitle, may be subject to a penalty of up to:

            (i)    $500 for each day from May 1 through May 10;

            (ii)    $1,000 for each day from May 11 through May 31; and

            (iii)    $5,000 for each day after May 31.

        (2)    In determining the amount of any financial penalty to be imposed under this section, the Commissioner shall consider the following factors:

            (i)    the seriousness of the violation;

            (ii)    the good faith of the violator;

            (iii)    the violator’s history of previous violations;

            (iv)    the deleterious effect of the violation on the public and the insurance industry; and

            (v)    the assets of the violator.