§ 27-11-8-2 — Annual financial statement

Indiana § 27-11-8-2

• Jurisdiction: Indiana
• Title 27: INSURANCE
• Art. 11: FRATERNAL BENEFIT SOCIETIES
• Ch. 8: Regulation

Text

(a) Reports shall be filed in accordance with
this section.
(b) Every society transacting business in this state shall annually,
before March 1, unless for cause shown the time has been extended by
the commissioner:
(1) file with the commissioner:
(A) a true statement of its financial condition, transactions, and
affairs for the preceding calendar year on the Annual Statement
Blank for fraternal benefit societies; and
(B) any additional information required by the commissioner;
and
(2) pay a fee of twenty-five dollars ($25) for filing the statement.
(c) As part of the annual statement required in this section, each
society shall, before March 1, file with the commissioner a valuation
of its certificates in force on December 31 last preceding, provided the
commissioner may for cause shown, extend the time for filing the
valuation for not more than two (2) calendar months. The valuation
shall be done in accordance with the standards specified in section 1 of
this chapter. The valuation and underlying data shall be certified by a
qualified actuary or, at the expense of the society, verified by the
actuary of the department of insurance of the state of domicile of the
society.
(d) A society neglecting to file the annual statement in the form and
within the time provided by this section shall forfeit one hundred
dollars ($100) for each day during which the neglect continues, and,
upon notice by the commissioner to that effect, its authority to do
business in Indiana shall cease while the default continues.

Legislative History

As added by P.L.262-1985, SEC.1. Amended by P.L.31-1988, SEC.24; P.L.124-2018, SEC.87.