A. A licensee shall file a written report with the Commissioner within 15 days of becoming aware of the occurrence of any of the following:
1. The filing for bankruptcy or reorganization by the licensee;
2. The institution of revocation or suspension proceedings against the licensee by any state or governmental authority;
3. The denial of the opportunity of the licensee to engage in business by any state or governmental authority;
4. Any felony indictment of the licensee or any of its employees, officers, directors, or principals;
5. Any felony conviction of the licensee or any of its employees, officers, directors, or principals; and
6. Such other events as the Commissioner may determine and identify by regulation.
B. The report shall be in writing and describe the event and its expected impact on the activities of the licensee in the Commonwealth.
History
2003, c. 386, § 6.1-425.2; 2010, c. 794.
