Every fire insurer shall keep accurate books of account of all business done by it on fire insurance required to be reported under the provisions of Section 38-7-70. If it is apparent the return is fraudulent or dishonest, the director or his designee shall investigate the return and collect the amount he finds due.
Every fire insurer which neglects to keep books of account as required by this section, neglects or fails to report or pay any of the money due on premiums as required by Section 38-7-40 or 38-7-70, or is found upon examination to have made a false return of business done by it shall for each offense be subject to the penalty provisions of Section 38-2-10, to be applied to the purposes prescribed in Section 23-9-410.
HISTORY: Former 1976 Code Section 38-7-80 [1960 (51) 1554; 1962 Code Section 37-175.3; 1964 (53) 2139; 1976 Act No. 452 Section 1; 1978 Act No. 577 Section 1; 1982 Act No. 403, Section 5] recodified as Section 38-63-580 by 1987 Act No. 155, Section 1; Former 1976 Code Section 38-57-130 [1947 (45) 322; 1952 Code Section 37-1161; 1962 Code Section 37-1161; 1978 Act No. 585 Section 13] and Section 38-57-140 [1947 (45) 322; 1952 Code Section 37-1162; 1962 Code Section 37-1162] recodified as Section 38-7-80 by 1987 Act No. 155, Section 1; 1988 Act No. 374, Section 5; 1993 Act No. 181, Section 534.