Penalty for failure of a regulated health insurance entity to fulfill duties related to state claims for Medicaid payment or recovery.
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(1) For purposes of this section, "regulated health insurance entity" means a health insurance entity, as defined in Section 26-19-102, that is subject to regulation by the department.
(2) If a regulated health insurance entity fails to comply with the provisions of Section 26-19-301:
(a) the commissioner may revoke or suspend, in whole or in part, a license, certificate of authority, registration, or other authority that is granted by the commissioner to the regulated health insurance entity; and
(b) the regulated health insurance entity is subject to the penalties and procedures provided for in Section 31A-2-308.