34:15-109. Regulations ; examination of correctness of returns; penalties.
The Commissioner of Banking and Insurance may adopt, amend and enforce rules and regulations necessary for the proper administration of the stock fund. In the event any stock carrier shall fail to file any return or make any payment required by this article, or in case the Commissioner of Banking and Insurance shall have cause to believe that any return or other statement filed is false or inaccurate in any particular, or that any payment made is incorrect, he shall have full authority to examine all the books and records of the carrier for the purpose of ascertaining the facts and shall determine the correct amount to be paid and may proceed in any court of competent jurisdiction to recover for the benefit of the fund any sums shown to be due upon such examination and determination. Any stock carrier which fails to make any statement as required by this act, or to pay any contribution to the stock fund when due, shall thereby forfeit to the fund a penalty of five per cent of the amount of unpaid contribution determined to be due as provided by this act plus one per cent of such amount for each month of delay, or fraction thereof, after the expiration of the first month of such delay, but the Commissioner of Banking and Insurance may upon good cause shown extend the time for filing of such return or payment. The Commissioner of Banking and Insurance shall revoke the certificate of authority to do business in this state of any carrier which shall fail to comply with the provisions of this article or to pay any penalty imposed in accordance with this article.