1. 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 federal bankruptcy code [11 U.S.C. Section 101-110], 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 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.

2. A licensee shall file a report with the commissioner within three 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.