§ 26.1-03-16 — Penalty for not making statement

Any insurance company doing business in this state which neglects to make and file any
statement in the manner and within the time prescribed in this chapter forfeits one hundred
dollars for each day's neglect, and upon notice by the commissioner to that effect, its authority
to do new business ceases during the default. Any new business done by an insurance
company after it has neglected to make a required statement is in violation of law. The
commissioner may grant an insurance company an extension beyond the date designated in
this section and may waive or reduce any penalty during the extension, upon a showing of good
cause by the insurance company.