405 - Reports.

§  405. Reports. (a) Any person licensed or registered pursuant to the  provisions of this chapter, and any person engaged in  the  business  of  insurance  or  life  settlement  in  this  state  who  is  exempted from  compliance with the licensing requirements of  this  chapter,  including  the  state  insurance fund of this state, who has reason to believe that  an insurance transaction or life settlement act may  be  fraudulent,  or  has knowledge that a fraudulent insurance transaction or fraudulent life  settlement  act is about to take place, or has taken place shall, within  thirty days after determination by  such  person  that  the  transaction  appears  to be fraudulent, send to the insurance frauds bureau on a form  prescribed by the superintendent, the information requested by the  form  and such additional information relative to the factual circumstances of  the  transaction  and  the  parties  involved  as the superintendent may  require. The insurance frauds bureau shall accept reports  of  suspected  fraudulent  insurance  transactions  or  fraudulent life settlement acts  from any self insurer,  including  but  not  limited  to  self  insurers  providing health insurance coverage or those defined in section fifty of  the workers' compensation law, and shall treat such reports as any other  received pursuant to this section.    (b) The insurance frauds bureau shall review each report and undertake  such further investigation as it deems necessary and proper to determine  the validity of the allegations.    (c)  Whenever  the  superintendent is satisfied that a material fraud,  deceit, or  intentional  misrepresentation  has  been  committed  in  an  insurance  transaction  or  in  the  business  of  life  settlements  or  purported insurance transaction or business of life settlements,  he  or  she  shall report any such violation of law to the appropriate licensing  agency, the district attorney of the county  in  which  such  acts  were  committed,  when  authorized  by law, to the attorney general, and where  appropriate, to the  person  who  submitted  the  report  of  fraudulent  activity,  as  provided  by  the  provisions of this article. Within one  hundred twenty days of  receipt  of  the  superintendent's  report,  the  attorney  general  or  the  district attorney concerned shall inform the  superintendent as to the status of the reported violations.    (d) No later than March fifteenth of each year, beginning in  nineteen  hundred  ninety-four,  the superintendent shall furnish to the governor,  the speaker of the assembly and the president pro tem of  the  senate  a  report containing:    (1)  a  comprehensive  summary  and  assessment of the frauds bureau's  efforts in discovering, investigating and halting fraudulent  activities  and assisting in the prosecution of persons who are parties to insurance  fraud or life settlement fraud;    (2)  the number of reports received from any person or persons engaged  in the  business  of  insurance  or  life  settlements,  the  number  of  investigations   undertaken  by  the  bureau  pursuant  to  any  reports  received, the number of investigations undertaken not  as  a  result  of  reports  received,  the  number  of  investigations  that  resulted in a  referral to a licensing agency,  a  local  prosecutor  or  the  attorney  general,  the  number of such referrals pursued by a licensing agency, a  local prosecutor or the attorney general, and the  disposition  of  such  cases;    (3)  a delineation of the number of reported and investigated cases by  line of insurance and those that relate to life settlements;    (4) a comparison of the frauds bureau's  experience,  with  regard  to  paragraphs  two and three of this subsection, to the bureau's experience  of years past;    (5) the total number  of  employees  assigned  to  the  frauds  bureau  delineated by title and location of bureau assigned;(6)  an  assessment  of the activities of insurance companies and life  settlement providers activities in regard  to  detecting,  investigating  and reporting fraudulent activities, including a list of companies which  maintain  special investigative units for the sole purpose of detecting,  investigating  and  reporting  fraudulent  activities  and the number of  investigators assigned to such units per every thirty thousand  policies  or life settlement contracts in force with such company or provider;    (7)  the  amount  of  technical  and monetary assistance requested and  received by the frauds bureau from any insurance company  or  companies,  any life settlement provider or providers, or any organization funded by  insurance companies or life settlement providers;    (8)  the  amount  of  money returned by the frauds bureau to insurance  companies pursuant to any fraudulent claims that were  recouped  by  the  bureau;    (9)  the  number  and  amount  of civil penalties levied by the frauds  bureau pursuant to chapter four hundred eighty of the laws  of  nineteen  hundred ninety-two;    (10)  recommendations  for further statutory or administrative changes  designed to meet the objectives of this article; and    (11) an assessment of law enforcement and insurance company activities  to detect and curtail the incidence of operating a motor vehicle without  proper insurance coverage as required by this chapter and the  incidence  of  misrepresentation  by  insureds  of  the principal place where motor  vehicles are garaged and driven.