What is the maximum penalty for a delinquency of thirty-one (31) days to sixty (60) days?

The maximum penalty for a delinquency of thirty-one to sixty days is two hundred dollars. This specific amount is established by regulatory guidelines to ensure that penalties are proportionate to the duration of delinquency. The structure of these penalties is designed to encourage compliance and timely updates in reporting within the insurance industry.

The choice of two hundred dollars reflects the importance of addressing delinquency at this stage, as it signifies a period where corrective action is still manageable but requires a more significant deterrent to prevent extended periods of non-compliance. This policy aims to strike a balance between enforcement and fairness to ensure that entities remain accountable while still allowing for the possibility of rectifying issues.