A. A licensee shall file a written report with the Commissioner within 15 days following the occurrence of any of the following:
1. The filing of bankruptcy, reorganization or receivership proceedings by or against the licensee;
2. The institution of administrative or regulatory proceedings against the licensee by any governmental authority;
3. Any felony indictments of the licensee or any of its members, partners, directors, officers, or principals;
4. Any felony conviction of the licensee or any of its members, partners, directors, officers, or principals; and
5. Such other event as the Commission may prescribe by regulation.
B. The report shall be in writing and describe the event and its expected impact on the business of the licensee.
2002, c. 897, § 6.1-455; 2010, c. 794.
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