1. A licensee shall file a report with the Commissioner within 1 business day after the licensee has reason to know of the occurrence of any of the following events: (a) The filing of a petition by or against the licensee for bankruptcy or reorganization pursuant to the United States Bankruptcy Code; (b) The filing of a petition by or against the licensee for receivership, the commencement of any other judicial or administrative proceeding for the dissolution or reorganization of the licensee or the making of a general assignment for the benefit of the creditors of the licensee; or (c) The commencement of a proceeding to revoke or suspend the license of the licensee in a state or country in which the licensee engages in business or is licensed. 2. A licensee shall file a report with the Commissioner within 3 business days after the licensee has reason to know of the occurrence of any of the following events: (a) A charge or conviction of the licensee or of a key individual or person in control of the licensee for a felony; or (b) A charge or conviction of an authorized delegate for a felony.
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