§ 10-3-1607 — Sanctions

Any insurer or insurance group that fails, without just
cause, to timely file a CGAD as required in this part 16 shall pay, after notice and a
hearing, a penalty of two hundred dollars for each day's delay. The maximum
penalty under this section is twenty-five thousand dollars. The commissioner may
reduce the penalty if the insurer or insurance group demonstrates to the
commissioner that the imposition of the penalty would constitute a financial
hardship to the insurer or insurance group.

Source: L. 2019: Entire part added, (HB 19-1291), ch. 188, p. 2089, � 1,
effective August 2.