Insurer of physician required to report certain information concerning malpractice; administrative penalties for failure to report.
1. The insurer of a physician licensed under this chapter shall report to the Board:
(a) Any action for malpractice against the physician not later than 45 days after the physician receives service of a summons and complaint for the action;
(b) Any claim for malpractice against the physician that is submitted to arbitration or mediation not later than 45 days after the claim is submitted to arbitration or mediation; and
(c) Any settlement, award, judgment or other disposition of any action or claim described in paragraph (a) or (b) not later than 45 days after the settlement, award, judgment or other disposition.
2. The Board shall report any failure to comply with subsection 1 by an insurer licensed in this State to the Division of Insurance of the Department of Business and Industry. If, after a hearing, the Division of Insurance determines that any such insurer failed to comply with the requirements of subsection 1, the Division may impose an administrative fine of not more than $10,000 against the insurer for each such failure to report. If the administrative fine is not paid when due, the fine must be recovered in a civil action brought by the Attorney General on behalf of the Division.
Last modified: February 27, 2006