Section 1059 - Rules and regulations; failure to make returns; revocation of authority(1) The Insurance Department shall adopt regulations as necessary to administer the fund, including regulations to establish contributions to be paid to the fund. Contributions shall be established on an actuarial basis to provide an amount sufficient to pay outstanding and anticipated claims in a timely manner, to meet the costs of the Insurance Department to administer the fund and to maintain a minimum balance in the fund of $500,000,000. Nothing in this section shall prevent the department from using money in the fund to pay liabilities and claims. If, due to the payment of liabilities or claims, the balance of the fund is reduced below $500,000,000, the department shall require contributions to maintain the actuarial soundness of the fund and to restore, in a timely manner, the balance of the fund to a level at or above $ 500,000,000.(2) In the event any carrier shall fail to file any return, or make any payment required by this act, or in case the commissioner 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 carrier which fails to make any statement as required by this act, or to pay any contribution when due, shall thereby forfeit to the fund a penalty of five per centum of the amount of unpaid contribution determined to be due, as provided by this act, plus one per centum of such amount for each month of delay or fraction thereof after the expiration of the first month of such delay. The commissioner shall revoke the certificate of authority to do business in this Commonwealth of any carrier which shall fail to comply with the provisions of this act or to pay any penalty imposed in accordance with this act.1937, July 1, P.L. 2532, §9. Amended 1975 , Oct. 18, P.L. 419, No. 117, § 5, imd. effective; 2000, June 22, P.L. 379, No. 49, § 1, imd. effective.