A. A licensee shall file a report with the director within one business day after the licensee has reason to know of the occurrence of any of the following:

1. 1. The filing of a petition by or against the licensee under the United States bankruptcy code (11 United States Code sections 101 through 112) for bankruptcy or reorganization.
2. 2. 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.
3. 3. 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.

B. A licensee shall file a report with the director within three business days after the licensee has reason to know of the occurrence of either of the following:

1. 1. A felony charge or conviction of the licensee or of a key individual or person in control of the licensee.
2. 2. A felony charge or conviction of an authorized delegate.