Adjustment of civil monetary penalty amount.

§ 50.83 Adjustment of civil monetary penalty amount. (a) Inflation adjustment. Any penalty under the Act and these regulations may not exceed the greater of $1,643,738 and, in the case of any failure to pay, charge, collect or remit amounts in accordance with the Act or these regulations, such amount in dispute. (b) Annual adjustment. The maximum penalty amount that may be assessed under this section will be adjusted in accordance with the Federal Civil Penalties Inflation Adjustment Act Improvements Act of 2015, 28 U.S.C. 2461 note, by January 15 of each year and the updated amount will be posted in the Federal Register and on the Treasury website at https://home.treasury.gov/policy-issues/financial-markets-financial-institutions-and-fiscal-service/federal-insurance-office/terrorism-risk-insurance-program. [81 FR 93765, Dec. 21, 2016, as amended at 86 FR 30540, June 9, 2021; 88 FR 16887, Mar. 21, 2023]