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.