NRS 695A.450 Annual statement of financial condition, transactions and affairs: Filing; fee; contents; provision to members; valuation of certificates.

316 words·~1 min read·/nv/chapter-695a-fraternal-benefit-societies/695a-450·

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1. 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, file with the Commissioner a true statement of its financial condition, transactions and affairs for the preceding calendar year and pay a filing fee of $25. The statement must be in such 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 must include separately from the society’s admitted assets all real or personal property owned, held or leased by the society for the purposes of its nonprofit institutions operated pursuant to NRS 695A.090 .

2. A synopsis of its annual statement providing an explanation of the facts concerning the condition of the society thereby disclosed must be printed and mailed to each benefit member of the society not later than June 1 of each year, or, in lieu thereof, the synopsis may be published in the society’s official publication established pursuant to NRS 695A.120 .

3. As a part of the annual statement required by subsection 1, 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 31. The Commissioner may, in the discretion of the Commissioner for cause shown, extend the time for filing the valuation for not more than 2 calendar months. The valuation must be done pursuant to NRS 695A.490 . The valuation and supporting data must 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 in which the society is domiciled.