§ 27-54-1 — § 27-54-1. Crimes by or affecting persons engaged in the business of insurance.

§ 27-54-1. Crimes by or affecting persons engaged in the business of insurance.

(a) Any person who knowingly and with intent to deceive the director of business regulation (referred to in this section as "director�) about the financial condition of an insurance company, makes any false statement, representation, or report to the director concerning an insurance company; or who knowingly and with intent to deceive the director about the financial condition of the company testifies or affirms falsely under oath or affirmation to any material fact relative to an insurance company in any matter that would materially affect the financial condition of the company; or who knowingly and with intent to deceive the director about the financial condition of the company makes any false entry or memorandum upon any book, paper, report, or statement of any insurance company; or who knowingly and with intent to deceive the director or his or her designee or any agent appointed to examine the affairs of an insurance company, or knowingly and with intent to deceive, defraud, or injure the stockholders, policyholders, or any officer or director of an insurance company about the financial condition of the company makes a statement, representation, or report to the director or the director's designee that the individual knows materially overvalues any asset, property, or security of an insurance company; or who knowingly and with intent to deceive the director about the financial condition of the company fails to disclose material information; and any person who, with like intent, aids or abets another in any violation of any provision of this section, shall, upon conviction, be fined not exceeding fifty thousand dollars ($50,000) or imprisoned not exceeding twenty (20) years, or both.

Legislative History

P.L. 1994, ch. 86, § 1.