§ 26-29-226 — Reports

Wyoming § 26-29-226

• Jurisdiction: Wyoming
• Title 26: Insurance Code
• Ch. 29: FRATERNAL BENEFIT SOCIETIES

Text

(a) Every society transacting business in this state shall
annually, on or before March 1, unless for cause shown the time
has been extended by the commissioner, file with the
commissioner a true statement of its financial condition,
transactions and affairs for the preceding calendar year and pay
a two hundred fifty dollar ($250.00) filing fee. 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. The statement shall be completed pursuant
to the most recent National Association of Insurance
Commissioners' accounting practices and procedures manual. The
commissioner may accept, for any society not domiciled in this
state which is required to file any statement under this
subsection, an electronic filing with the National Association
of Insurance Commissioners meeting the requirements of this
subsection as a filing with the commissioner.
(b) As part of the annual statement herein required, each
society shall, on or before March 1, file with the commissioner
a valuation of its certificates in force on the immediately
preceding December 31, provided the commissioner may, in his
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 W.S. 26-29-225. 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.
(c) A society neglecting to file the annual statement in
the form and within the time provided by this section shall
forfeit one hundred dollars ($100.00) for each day during which
such neglect continues, and upon notice by the commissioner to
that effect, its authority to do business in this state shall
cease while the default continues.
(d) Chapter 3, article 3 of this code shall apply to every
society transacting business in this state except to the extent
that the commissioner determines that the nature of fraternal
benefit societies render that chapter and article, or any
portion thereof, clearly inappropriate.