Each day an insurer or insurance group fails, without just cause, to file the corporate governance annual disclosure in the time required under Alaska Stat. § 21.09.410(a), the insurer or insurance group shall pay $1,000, not to exceed $365,000. The director may reduce the penalty under this section if the insurer or insurance group demonstrates to the director that the imposition of the penalty is a financial hardship to the insurer or insurance group.