; and (ii) require health insurance issuers, during the subsequent 2-year period in the case of issuance of health insurance coverage other than such default health insurance coverage, to impose a monthly late enrollment penalty in the amount specified in subparagraph (D)(i) and to remit the amount of such penalty collected to the Federal Treasury in accordance with subparagraph (D)(ii). (C) Period for application of underwriting For purposes of subparagraph (B)(i), the period specified in this subparagraph is, with respect to an uninsured individual as of a date, a period (not to exceed 18 months) equivalent to the number of months in the previous 18-month period in which the individual did not have continuous creditable coverage described in subparagraph (B). (D) Monthly late enrollment penalty amount (i) In general The monthly late enrollment penalty amount specified in this clause for a month is equal to the lesser of 10 percent or the product of— (I) 1 percent of the monthly premium amount for default health insurance coverage with respect to the individual and month