Section 5E. Any registered physician who does not possess professional liability insurance shall report to the board every settlement or arbitration award of a claim or action for damages for death or personal injury caused by negligence, error or omission in practice, or the unauthorized rendering of professional services by such physician. Such report shall be made within thirty days after any such settlement agreement has been reduced to writing thereto or thirty days after service of such arbitration award on the parties and signed by all the parties. Failure of the physician to comply with the provisions of this section is an offense punishable by a fine of not more than five hundred dollars. Knowing and intentional failure to comply with the provisions of this section, or conspiracy or collusion not to comply with the provisions of this section, or to hinder or impede any other person in such compliance is an offense punishable by a fine of not less than five thousand dollars nor more than fifty thousand dollars.