- (a) When a biographical affidavit has been provided to the Insurance Commissioner by the insurer in accordance with 23 CAR § 5-106, no further report concerning subsequent changes in the status of an officer of the company need be reported to the commissioner.
- (b) However, the company shall promptly report to the commissioner any information concerning conviction of an officer for a felony or the naming of an officer, other than as a party plaintiff or complainant, in a criminal or civil action in which fraud is an issue.