Penalty for Failure to File Statement and Pay Tax:

Action for Recovery: Revocation of License: Conditions Prerequisite to Reissuance.

(a)Every such broker or agent who fails or refuses to make and file said annual statement, and to pay the taxes required to be paid thereon prior to the first day of July after such tax is due, shall COL 1/26/2024 CH. 15 BUSINESS OF INSURANCE be liable for a fine of twenty-five dollars ($25.00) for each day of said delinquency.

(b)Such tax and fine may be recovered in an action to be instituted by the Commissioner in the name of the territory, the attorney general representing him, in any court of competent jurisdiction, and the fine, when so collected, shall be paid to the credit of the general fund.

(c)[No text.]

(1)If any such broker or agent shall fail to make and file said annual statement and pay the said taxes, or

(2)shall refuse to allow the Commissioner to inspect and examine his records of the business transacted by him pursuant to this section, or

(3)shall fail to keep such records in manner as required by the Commissioner, or

(4)shall refuse or neglect to immediately notify the insurance company for whom he has placed, registered or delivered a policy, of the commencement of any action or proceeding in any court against such company, the license of such broker or agent shall be immediately revoked by the Commissioner, and no license shall be issued to such broker or agent within one

(1)year from the date of such revocation, nor until all such taxes and fines are paid, and the Commissioner shall be satisfied that full compliance with the provisions of this section will be had.