§ 405. Reports. (a) Any person licensed or registered pursuant to the
provisions of this chapter, and any person engaged in the business of
insurance or life settlement in this state who is exempted from
compliance with the licensing requirements of this chapter, including
the state insurance fund of this state, who has reason to believe that
an insurance transaction or life settlement act may be fraudulent, or
has knowledge that a fraudulent insurance transaction or fraudulent life
settlement act is about to take place, or has taken place shall, within
thirty days after determination by such person that the transaction
appears to be fraudulent, send to the superintendent on a form
prescribed by the superintendent, the information requested by the form
and such additional information relative to the factual circumstances of
the transaction and the parties involved as the superintendent may
require. The superintendent shall accept reports of suspected fraudulent
insurance transactions or fraudulent life settlement acts from any self
insurer, including but not limited to self insurers providing health
insurance coverage or those defined in section fifty of the workers'
compensation law, and shall treat such reports as any other received
pursuant to this section.

(b) The superintendent shall review each report and undertake such
further investigation as the superintendent deems necessary and proper
to determine the validity of the allegations.