§ 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 of this chapter, 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 ($1000) 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.
History of Section.P.L. 1994, ch. 86, § 1.
Structure Rhode Island General Laws
Chapter 27-54 - Insurance Fraud Prevention Act
Section 27-54-1. - Crimes by or affecting persons engaged in the business of insurance.
Section 27-54-2. - Civil penalties.
Section 27-54-3. - Investigations.
Section 27-54-4. - Duty to notify.
Section 27-54-5. - Disqualification of officer and directors.
Section 27-54-6. - Injunctions.
Section 27-54-7. - Whistleblower protections.
Section 27-54-8. - Disclosure of arson conviction.
Section 27-54-9. - Other law enforcement authority, powers and duties not affected or impaired.