1. Report; finality of judgment or award. The insurer shall make a report of disposition to the board or department that regulates the insured as provided in subsection 2 if any claim subject to section 2601 results in:
A. A final judgment or award to the claimant in any amount; [PL 1977, c. 492, §3 (NEW).]
B. A settlement involving payment in any amount of money or services; or [PL 1977, c. 492, §3 (NEW).]
C. A final disposition not involving any payment of money or services. [PL 1991, c. 534, §4 (AMD).]
For purposes of this subsection, a judgment or award is final when it can not be appealed, and a disposition is final when it results from judgment, dismissal, withdrawal or abandonment.
2. Information included: The report of disposition required pursuant to subsection 1 shall include:
A. The name, address and specialty coverage of the insured; [PL 1977, c. 492, §3 (NEW).]
B. The insured's policy number; [PL 1977, c. 492, §3 (NEW).]
C. The date and place of the occurrence which created the claim; [PL 1977, c. 492, §3 (NEW).]
D. The date of suit, if filed or arbitration if demanded; [PL 1977, c. 492, §3 (NEW).]
E. The date and amount of judgment, award or settlement, if any; [PL 1977, c. 492, §3 (NEW).]
F. The allocated claim expense, if any; [PL 1977, c. 492, §3 (NEW).]
G. The date and reason for final disposition, if no judgment, award or settlement; [PL 1977, c. 492, §3 (NEW).]
H. A summary of the occurrence which created the claim; and [PL 1977, c. 492, §3 (NEW).]
I. Such other information as may be required pursuant to section 2603. [PL 1977, c. 492, §3 (NEW).]
3. Fine. The failure of any insurer providing professional liability insurance in this State to a person licensed by the Board of Licensure in Medicine or the Board of Osteopathic Licensure or any health care provider to report as required is a civil violation for which a fine of not more than $1,000 may be adjudged.