I. A licensee shall file a report with the commissioner 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 U.S.C. Section 101-110, as amended or recodified from time to time, 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 its dissolution or reorganization, or the making of a general assignment for the benefit of its creditors; or
(c) The commencement of a proceeding to revoke or suspend its license in a state or country in which the licensee engages in business or is licensed.
II. A licensee shall file a report with the commissioner within 3 business day after the licensee has reason to know of the occurrence of any of the following events:
(a) A conviction of the licensee or of a key individual or person in control of the licensee for a felony; or
(b) A conviction of an authorized delegate for a felony.