Any insurer failing, without just cause, to timely file the ORSA Summary Report as required by KRS § 304.3-620 shall be required, after notice and hearing, to pay a penalty of one hundred dollars ($100) for each day’s delay. The maximum penalty under this section is one thousand dollars ($1,000). 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.
Effective: January 1, 2015
History: Created 2014 Ky. Acts ch. 119, sec. 9, effective January 1, 2015.