A public service company shall notify the Commission of any accident involving the public service company that results in: personal injury requiring hospitalization; property damage exceeding $50,000; or loss of life. The public service company shall notify the Commission within 30 days after the day the accident occurs or within a period that the Commission prescribes. The notice: shall be in a form that the Commission prescribes; and may not be admissible in evidence, or used for any purpose against the public service company that provides the notice, in an action for damages arising out of any matter that is reported in the notice.