§ 27-25-26. Reports.
(a) Reports shall be filed in accordance with the provisions of this section.
(b) Every society transacting business in this state shall annually, on or before the
first day of March, unless for cause shown the time has been extended by the commissioner
of insurance, file with the commissioner of insurance a true statement of its financial
condition, transactions, and affairs for the preceding calendar year, and pay a fee
of one hundred dollars ($100) for filing. The statement shall be in general form and
context as approved by the National Association of Insurance Commissioners for fra
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§ 27-25-26. Reports.
(a) Reports shall be filed in accordance with the provisions of this section.
(b) Every society transacting business in this state shall annually, on or before the
first day of March, unless for cause shown the time has been extended by the commissioner
of insurance, file with the commissioner of insurance a true statement of its financial
condition, transactions, and affairs for the preceding calendar year, and pay a fee
of one hundred dollars ($100) for filing. The statement shall be in general form and
context as approved by the National Association of Insurance Commissioners for fraternal
benefit societies and as supplemented by additional information required by the commissioner
of insurance.
(c) As part of the annual statement required in this section, each society shall, on or
before the first day of March, file with the commissioner of insurance a valuation
of its certificates in force on December 31 last preceding, provided the commissioner
of insurance may, in his or her discretion 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 § 27-25-25. 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 of insurance to
that effect, its authority to do business in this state shall cease while the default
continues.
(e) A society 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.
(f) The insurance commissioner shall also require compliance with chapter 12.1 of this
title.