Filing Fee for Annual Statement: Penalty

The filing fee for an annual financial statement shall be Fifty Dollars ($50.00). Any alien insurer that fails to file a financial statement on or before April 1st of each year as required in §15504 shall pay a penalty of Five Hundred Dollars ($500.00). After May 15th, the alien insurer shall pay an additional late filing fee of One Hundred Dollars ($100.00) per day. The failure of the foreign insurer or company to file the required annual financial statement shall automatically compel the foreign insurer’s or company’s certificate of authority to be suspended or revoked.