44-1097. Reports.

276 words·~1 min read·/ne/chapter-44/44-1097

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

Reports shall be filed in the following manner:

(1)Every society transacting business in this state shall annually, on or before the first day of March, unless for cause shown such time has been extended by the Director of Insurance, file with the director a true statement of its financial condition, transactions, and affairs for the preceding calendar year and pay a filing fee in an amount determined by the director. 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 director;

(2)As part of the annual statement, each society shall, on or before the first day of March, file with the Director of Insurance a valuation of its certificates in force on the preceding December 31, except that the director may, in his or her discretion for cause shown, extend the time for filing such valuation for not more than two calendar months. Such valuation shall be done in accordance with the standards specified in section 44-1096 . Such 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; and

(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 such neglect continues and, upon notice by the Director of Insurance to that effect, its authority to do business in this state shall cease while such default continues.