(a) (1) A railroad company shall promptly report, in writing or orally, to the Commissioner, after the occurrence of an accident resulting in:

(i) a serious injury or fatality to an individual; or

(ii) damage to property exceeding $2,900, or any other sum as determined by federal regulations, incurred during the operation of the railroad in the State.

(2) The Commissioner shall investigate the occurrence promptly after receiving notification of the accident.

(b) A railroad company shall promptly submit to the Commissioner copies of all accident and incident reports filed with the Federal Railroad Administration of accidents and incidents occurring in the State.