§ 27-54-4. Duty to notify.
(a) Whenever an officer or director of an insurance company knows that a material false
statement or representation has been made to the director, or the director's designee,
or that false testimony has been given, or that a material false entry has been made
in the books of the insurance company, or that the assets, property, or securities
of an insurance company have been materially overvalued, or that material information
has been withheld from the director, or the director's designee, in violation of § 27-54-1, he or she shall notify the director, or the director's designee, of those matters
as soon as reasonabl
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§ 27-54-4. Duty to notify.
(a) Whenever an officer or director of an insurance company knows that a material false
statement or representation has been made to the director, or the director's designee,
or that false testimony has been given, or that a material false entry has been made
in the books of the insurance company, or that the assets, property, or securities
of an insurance company have been materially overvalued, or that material information
has been withheld from the director, or the director's designee, in violation of § 27-54-1, he or she shall notify the director, or the director's designee, of those matters
as soon as reasonably possible but in no event later than ten (10) days after the
officer or director knows or has reasons to know of those matters. Failure to report
as such will subject the violator to a fine of up to one thousand dollars ($1,000)
and imprisonment of up to one year, or both.
(b) The director, or the director's designee, shall review each report and undertake any
further investigations he or she deems necessary and proper to determine the validity
of the allegations.