83-19-75 - Penalty for failure to report impairment of surplus.
§ 83-19-75. Penalty for failure to report impairment of surplus.
If the surplus of any domestic insurance company or association shall be impaired, as provided in Sections 83-19-75 and 83-19-77, and such impairment shall not be reported to the Commissioner of Insurance of this state within ten (10) days after such impairment occurs or results, the executive officers, secretary, treasurer, and directors of such company shall each be guilty of a misdemeanor and, upon conviction thereof, shall be punished by a fine of not more than Five Hundred Dollars ($500.00) or by imprisonment in the county jail for not more than six (6) months, or by both such fine and imprisonment, in the discretion of the court.
Sources: Codes, 1942, § 5670.2; Laws, 1958, ch. 452, § 2; Laws, 2001, ch. 379, § 2, eff from and after July 1, 2001.