374.215. Failure to timely file report or statement, penalty.
Failure to timely file report or statement, penalty.
374.215. 1. If any insurance company or other entity regulated bythe director doing business in this state fails to timely make and file anystatutorily required report or statement, the department shall notify suchcompany or entity of such failure by first class mail. Any company orentity notified by the department pursuant to this section shall file suchreport or statement within fifteen days of receiving notification. Afterthe expiration of such fifteen days, each day in which the company orentity fails to file such report or statement is a separate violation ofthis section.
2. If the director determines that a person has engaged, is engagingin, or has taken a substantial step toward engaging in an act, practice orcourse of business constituting a violation of this section or a ruleadopted or order issued pursuant thereto, or that a person has materiallyaided or is materially aiding an act, practice, omission, or course ofbusiness constituting a violation of this section or a rule adopted ororder issued pursuant thereto, the director may issue such administrativeorders as authorized under section 374.046. A violation of this section isa level two violation under section 374.049. The director may also suspendor revoke the certificate of authority of such person for any willfulviolation.
3. If the director believes that a person has engaged, is engagingin, or has taken a substantial step toward engaging in an act, practice orcourse of business constituting a violation of this section or a ruleadopted or order issued pursuant thereto, or that a person has materiallyaided or is materially aiding an act, practice, omission, or course ofbusiness constituting a violation of this section or a rule adopted ororder issued pursuant thereto, the director may maintain a civil action forrelief authorized under section 374.048. A violation of this section is alevel two violation under section 374.049.
(L. 1989 S.B. 333, A.L. 2007 S.B. 66)