The penalty for late filing of NAIC (National Association of Insurance Commissioners) Biographical Affidavit can vary depending on the specific regulations and guidelines set by the relevant regulatory authority. In some cases, a late filing fee may be imposed. This fee can range from a nominal amount to a percentage of the annual license fee. Additionally, repeated or significant delays in filing the affidavit may result in further penalties, such as license suspension or revocation. It is important to consult the specific regulations and guidelines of the relevant regulatory authority to understand the exact penalties that may apply.