Event reporting is governed by this section.
1. Events requiring report within one day. A licensee shall file a report with the administrator within one 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 under the United States Bankruptcy Code, 11 United States Code, Sections 101 to 110 for bankruptcy or reorganization;
B. The filing of a petition by or against the licensee for receivership, the commencement of any other judicial or administrative proceeding for the licensee's dissolution or reorganization or the making of a general assignment for the benefit of the licensee's creditors; or
C. The commencement of a proceeding to revoke or suspend the licensee's license in a state or country in which the licensee engages in business or is licensed.
2. Events requiring report within 3 days. A licensee shall file a report with the administrator within 3 business days after the licensee has reason to know of the occurrence of any of the following events:
A. The filing of a civil or criminal action against the licensee or a key individual or person in control of the licensee by a state or federal agency; or
B. The filing of a civil or criminal action against an authorized delegate by a state or federal agency.