39-71-2337. State fund to submit notice of coverage within 30 days -- penalty for failure.
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39-71-2337 . State fund to submit notice of coverage within 30 days -- penalty for failure.
(1)The state fund shall, within 30 days after the issuance of an insurance policy, submit to the department the notice of coverage stating the effective date of the policy insuring the employer and other information the department requires. Notice to the department under this section must be provided electronically.
(2)The department:
(a)may recognize the advisory organization designated under 33-16-1023 or recognize other organizations as agents for the state fund; and
(b)shall, under terms and conditions acceptable to the department, accept notice of coverage received from the agents recognized under subsection (2)(a) as the state fund's notice of coverage.
(3)The department may assess a penalty of not more than $200 against the state fund if the state fund does not comply with the 30-day notice requirement. The penalty may be assessed for each policy that is not reported to the department in a timely manner.