1. A. Any insurer who files with the Insurance Commissioner any statement required by this Code knowing such statement to be fraudulent and materially false, upon conviction, shall be guilty of a felony, for which the punishment shall be a fine of not to exceed Five Thousand Dollars ($5,000.00). Any officer, actuary, or employee of such insurer who causes such statement to be filed, knowing the fraudulent and materially false nature thereof, upon conviction, shall be guilty of a felony, for which the punishment for each occurrence shall be a fine of not to exceed Five Thousand Dollars ($5,000.00), or commitment to the custody of the Department of Corrections for not less than one (1) year and not more than five (5) years or both said fine and commitment, and shall not be permitted to act as an actuary, officer, or director of any insurer licensed to do business in this state.
2. B. Any insurer who fails without reasonable cause to timely file any statement required by this Code shall be subject, after notice and hearing, to censure, suspension or revocation of certificate. Annual statements filed after the last day of February shall be accompanied by a late filing fee in the amount of Two Hundred Fifty Dollars ($250.00). Repeated willful violations, after notice and hearing, may subject the insurer to both censure, suspension, or revocation of certificate and fine of not less than One Hundred Dollars ($100.00) nor more than Five Thousand Dollars ($5,000.00) for each occurrence in addition to the late filing fee. Any late filing fees and fines collected pursuant to this subsection shall be deposited to the Insurance Commissioner Revolving Fund.
3. C. Fines imposed pursuant to the provisions of subsection B of this section may be enforced in the same manner in which civil judgments may be enforced. D. Prosecution or administrative action for any violation of the provisions of this section shall be commenced within four (4) years after the violation is discovered.

Laws 1957, HB 501, c. 1, p. 221, § 311.1, emerg. eff. May 27, 1957; Amended by Laws 1983, HB 1318, c. 68, § 4, eff. November 1, 1983; Amended by Laws 1985, HB 1424, c. 328, § 2, emerg. eff. July 29, 1985; Amended by Laws 1986, HB 1983, c. 251, § 2, emerg. eff. June 13, 1986; Amended by Laws 1993, HB 1831, c. 270, § 36, eff. September 1, 1993.