§ 26.1-15.1-26 — Reports

North Dakota § 26.1-15.1-26

• Jurisdiction: North Dakota
• Title 26.1: Insurance
• Ch. 26.1-15.1: Fraternal Benefit Societies

Text

Reports must be filed in accordance with this section.
1. Every society transacting business in this state shall annually on or before the first day
of March file with the commissioner a true statement of its financial condition,
transactions, and affairs for the preceding calendar year and pay the fee prescribed by
section 26.1-01-07. The statement must be in general form and context as approved
by the national association of insurance commissioners for fraternal benefit societies
and as supplemented by the commissioner.
2. As part of the annual statement, each society shall on or before the first day of March
file with the commissioner a valuation of its certificates in force on the preceding
December thirty-first. The commissioner may for cause shown extend the time for filing
the valuation report for not more than two calendar months. The valuation must be
done in accordance with the standards specified in section 26.1-15.1-25. The valuation
and underlying data must be certified by a qualified actuary or, at the expense of the
society, verified by the actuary of the insurance department of the state of domicile of
the society.
3. A society neglecting to file the annual statement in the form and within the time
provided by this section shall forfeit one hundred dollars for each day during which the
neglect continues and, upon notice by the commissioner to that effect, its authority to
do business in this state ceases while the default continues.