(a)Each authorized insurer shall annually on or before March 1, or within any reasonable extension of time therefor which the Commissioner for good cause may have granted, file with the Commissioner a full and true statement of its financial condition, transactions and affairs as of December 31 preceding. The statement filing shall be the annual statement form approved by the National Association of Insurance Commissioners (“NAIC”) prepared in accordance with NAIC annual statement requirements and the NAIC accounting practices and procedures manual, except as otherwise prescribed or permitted by this title or by the Commissioner. The statement shall be verified by the oath of the insurer’s president or vice-president, and secretary or actuary, as applicable, or, in the absence of the fore
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(a) Each authorized insurer shall annually on or before March 1, or within any reasonable extension of time therefor which the Commissioner for good cause may have granted, file with the Commissioner a full and true statement of its financial condition, transactions and affairs as of December 31 preceding. The statement filing shall be the annual statement form approved by the National Association of Insurance Commissioners (“NAIC”) prepared in accordance with NAIC annual statement requirements and the NAIC accounting practices and procedures manual, except as otherwise prescribed or permitted by this title or by the Commissioner. The statement shall be verified by the oath of the insurer’s president or vice-president, and secretary or actuary, as applicable, or, in the absence of the foregoing, by 2 other principal officers, or, if a reciprocal insurer, by the oath of the attorney-in-fact or its like officers if a corporation.
(b) The statement of an alien insurer shall be verified by its United States manager or other officer duly authorized, and shall relate only to the insurer’s transactions and affairs in the United States, unless the Commissioner requires otherwise. If the Commissioner requires a statement as to such an insurer’s affairs throughout the world, the insurer shall file such statement with the Commissioner as soon as reasonably possible.
(c) The Commissioner may refuse to continue or may suspend or revoke the certificate of authority of any insurer failing to file its annual statement when due.
(d) At time of filing, the insurer shall pay the fee for filing its annual statement as prescribed by § 701 of this title.
(e) Each domestic, foreign and alien insurer who is authorized to transact insurance in this State shall annually on or before March 1 of each year, file with the National Association of Insurance Commissioners a copy of its annual statement blank, along with such additional filings as prescribed by the Commissioner for the preceding year. The information filed with the National Association of Insurance Commissioners shall be in the same format and scope as that required by the Commissioner and shall include the signed jurat page and the actuarial certification. Any amendments and addendums to the annual statement filing subsequently filed with the Commissioner shall also be filed with the NAIC. Foreign insurers that are domiciled in a state which has a law substantially similar to this subsection shall be deemed in compliance with this section.
(f) In the absence of actual malice, members of the NAIC, their duly authorized committees, subcommittees and task forces, their delegates, NAIC employees and all others charged with the responsibility of collecting, reviewing and analyzing and disseminating the information developed from the filing of the annual statement convention blanks shall be acting as agents of the Commissioner under the authority of this section and shall not be subject to civil liability for libel, slander or any other cause of action by virtue of their collection review, and analysis or dissemination of the data and information collected from the filings required hereunder. All financial analysis ratios and examination synopses concerning insurance companies that are submitted to the Department by the National Association of Insurance Commissioners’ Insurance Regulatory Information System are confidential and may not be disclosed by the Department.
(g) Each authorized insurer must quarterly file a full and true statement of its financial condition, transactions, and affairs as of the quarter preceding the filing.
(1) The quarterly statement required by this subsection must be filed each quarter on or before May 15, August 15, and November 15.
(2) The Commissioner may grant for good cause a reasonable extension to an insurer to file the quarterly statement required by this subsection.
(3) The statement required by this subsection is the quarterly statement form approved by the NAIC that is prepared in accordance with NAIC quarterly statement requirements and the NAIC accounting practices and procedures manual, unless specified otherwise in this title or by the Commissioner.
(4) In addition to the annual and quarterly filings required by this section, the Commissioner has the authority, in the discretion of the Department, to prescribe additional filings by authorized insurers as necessary for the Department to monitor the ongoing financial condition of authorized insurers.
(5) The Commissioner may refuse to continue or may suspend or revoke the certificate of authority of any insurer that fails to file any statements or reports required under this subsection.
(h) The annual and quarterly financial statement filings required by this section must be submitted electronically through the NAIC in a format acceptable to the NAIC. All other filings required by this section must be in the form prescribed by the Commissioner.