Delaware Code Title 18 Sec. 8509 – Sanctions
Current as of: 2023 | Check for updates
|
Other versions
Any insurer failing, without just cause, to timely file the CGAD as required in this chapter shall be required, after notice and hearing, to pay a penalty of $500 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 $25,000. 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.
Terms Used In Delaware Code Title 18 Sec. 8509
- CGAD: shall mean a confidential report filed by the insurer or insurance group made in accordance with the requirements of this chapter. See Delaware Code Title 18 Sec. 8503
- Commissioner: shall mean the Insurance Commissioner of this State. See Delaware Code Title 18 Sec. 8503