Powers and duties of division

1. The division shall: (1) Notify the corporation of the existence of an insolvent employer within a reasonable period of time, but not later, in any event, than ten working days after it receives notice of the determination of insolvency; (2) Upon request of the board of directors, provide the corporation with a statement of the annual modified standard premiums of each member employer; (3) Set up procedures to ensure the cooperation of the director and employees of the division with the board and individual self-insurers acting under this section wherever possible. 2. The division may: (1) Require that the corporation notify the member employers and any other interested parties of the determination of insolvency and of their rights under sections 287.860 to 287.885. Such notification shall be by mail to the last known address thereof when available; but, if sufficient information for notification by mail is not available, notice by publication in a newspaper of general circulation in accordance with the applicable law pertaining to same shall be sufficient; (2) Suspend or revoke the authority of any member employer failing to pay an assessment when due or failing to comply with the plan of operation to self-insure in this state. As an alternative, the division may levy a penalty on any member employer failing to pay an assessment when due. Such penalty shall not exceed five percent of the unpaid assessment per month; (3) Revoke the designation of any servicing facility, including third-party administrators, if the division, in consultation and agreement with the corporation, finds that claims are being handled in an unsatisfactory manner.