§ 27-12-1. Time of filing — Contents of report.
(a) Every insurance company of any name or kind doing business in this state shall annually
on the first day of January, or within two (2) months after that date, file with the
insurance commissioner an annual National Association of Insurance Commissioners statement
convention blank, prepared in accordance with the National Association of Insurance
Commissioners annual statement instructions and accounting practices and procedures
manuals, examiners' handbook, securities valuation manual, and any other manuals published
by the National Association of Insurance Commissioners that may be amended, signed
and sworn to by its president and secretary, of its exact condition specifying that
the company is a fire, marine, fire and marine, life, health, accident, or other insurance
company; stating the amount of its capital and the manner of its investment; designating
the amount invested in mortgages, in what companies, particularizing each item of
investment; the amount of marine risks not terminated, and the premium paid on those
risks; the amount of fire risks not terminated, and the premium paid on those risks;
the amount of liabilities, specifying the amount of outstanding claims, adjusted or
unadjusted, due or not due; and in case the company is incorporated on the mutual
principle, the statement shall set forth, in addition to this information, the amount
of risks insured by the company, the amount of premium on the risks, what portion
of it has been paid in cash, what security has been taken for the remainder, and what
is the largest sum insured in any one risk; and, except in the case of a company writing
less than one million dollars ($1,000,000) of total direct plus assumed written premiums
during a calendar year or which has fewer than one thousand (1,000) policyholders
or certificate holders at the end of a calendar year, a statement of actuarial opinion
relating to loss and loss adjustment expense reserves; and, except in the case of
a company having direct premiums written of less than one million dollars ($1,000,000)
in any calendar year and fewer than one thousand (1,000) policyholders or certificate
holders at the end of a calendar year, an audited financial report prepared by an
independent certified public accountant; and the statement required to be made in
this section, so far as applicable, shall be made of each class in companies authorized
to take risks in classes, and in all cases the returns may be varied by the commissioner
to obtain more definite information of the company; and shall pay a filing fee of
one hundred dollars ($100).
(b) Companies may be required to file quarterly statements upon request by the insurance
commissioner, in accordance with the National Association of Insurance Commissioners'
guidelines and procedures, due on or before forty-five (45) days after the quarter
ending. Annual and quarterly statements shall be available for inspection by the public.
(c) The commissioner may assess a late fee of one hundred dollars ($100) per day for each
day the insurer is late in filing its annual or quarterly statement, except that the
insurer may request and receive a reasonable extension of the filing date without
penalty.
(d) Provisions of this chapter shall apply to corporations organized under chapters 19,
20, 20.1, 20.2, 20.3, and 41 of this title.
(e) With respect to individual and group health benefit contracts, including managed care
contracts, written by an insurance company or health organization subject to the requirements
of this chapter, when the expected claim payments or incurred costs, claims adjustment
expenses, and administration costs exceed the premiums to be collected for the remainder
of a contract period, the insurer or health organization shall recognize a premium
deficiency reserve by recording an additional liability for the deficiency, with a
corresponding charge to operations. The reserve shall be calculated in accordance
with regulations promulgated pursuant to this chapter.
(f) In addition to the powers that the commissioner has under other sections of this title
relating to the financial statements of health organizations, the commissioner also
has the power to require any health organizations subject to this title to file the
annual audited financial statements of its controlling affiliate or person whether
or not the controlling affiliate or person is licensed or authorized pursuant to this
title. Additionally, if the controlling affiliate or person is an insurer or health
organization that prepares statutory financial statements for submission to its state
of domicile, the annual and/or quarterly statutory financial statements shall be filed
with the commissioner. In the event the health organization fails to comply with a
request of the commissioner pursuant to this section, the commissioner shall have
the power to suspend or revoke the license of the health organization and/or to examine
the controlling affiliate or person.
(g) As used in this section, "control� including "controlling� and "affiliate� and "person�
have the meanings ascribed to them in § 27-35-1. The term "health organizationâ€� has the meaning ascribed to it in § 27-4.7-2.