Reports shall be filed inaccordance with the provisions of this section.
(a) Every societytransacting business in this State shall annually, on or before the first dayof March, unless for cause shown such time has been extended by theCommissioner, file with the Commissioner a true statement of its financialcondition, transactions and affairs for the preceding calendar year and pay thefee specified in G.S. 58‑6‑5 for filing same. The statement shallbe in general form and context as approved by the NAIC for fraternal benefitsocieties and as supplemented by additional information required by theCommissioner.
(b) As part of theannual statement herein required, each society shall, on or before the firstday of March, file with the Commissioner a valuation of its certificates inforce on December 31st last preceding, provided the Commissioner may, in his orher discretion for cause shown, extend the time for filing such valuation fornot more than two calendar months. Such valuation shall be done in accordancewith the standards specified in G.S. 58‑24‑120. Such valuation andunderlying data shall be certified by a qualified actuary or, at the expense ofthe society, verified by the actuary of the Department of the state of domicileof the society.
(c) A society neglectingto file the annual statement in the form and within the time provided by thissection shall forfeit one hundred dollars ($100.00) for each day during whichsuch neglect continues, and, upon notice by the Commissioner to that effect,its authority to do business in this State shall cease while such defaultcontinues. (1987, c. 483, s. 2; 1991, c. 720, ss. 4, 19.)
Reports shall be filed inaccordance with the provisions of this section.
(a) Every societytransacting business in this State shall annually, on or before the first dayof March, unless for cause shown such time has been extended by theCommissioner, file with the Commissioner a true statement of its financialcondition, transactions and affairs for the preceding calendar year and pay thefee specified in G.S. 58‑6‑5 for filing same. The statement shallbe in general form and context as approved by the NAIC for fraternal benefitsocieties and as supplemented by additional information required by theCommissioner.
(b) As part of theannual statement herein required, each society shall, on or before the firstday of March, file with the Commissioner a valuation of its certificates inforce on December 31st last preceding, provided the Commissioner may, in his orher discretion for cause shown, extend the time for filing such valuation fornot more than two calendar months. Such valuation shall be done in accordancewith the standards specified in G.S. 58‑24‑120. Such valuation andunderlying data shall be certified by a qualified actuary or, at the expense ofthe society, verified by the actuary of the Department of the state of domicileof the society.
(c) A society neglectingto file the annual statement in the form and within the time provided by thissection shall forfeit one hundred dollars ($100.00) for each day during whichsuch neglect continues, and, upon notice by the Commissioner to that effect,its authority to do business in this State shall cease while such defaultcontinues. (1987, c. 483, s. 2; 1991, c. 720, ss. 4, 19.)
Reports shall be filed inaccordance with the provisions of this section.
(a) Every societytransacting business in this State shall annually, on or before the first dayof March, unless for cause shown such time has been extended by theCommissioner, file with the Commissioner a true statement of its financialcondition, transactions and affairs for the preceding calendar year and pay thefee specified in G.S. 58‑6‑5 for filing same. The statement shallbe in general form and context as approved by the NAIC for fraternal benefitsocieties and as supplemented by additional information required by theCommissioner.
(b) As part of theannual statement herein required, each society shall, on or before the firstday of March, file with the Commissioner a valuation of its certificates inforce on December 31st last preceding, provided the Commissioner may, in his orher discretion for cause shown, extend the time for filing such valuation fornot more than two calendar months. Such valuation shall be done in accordancewith the standards specified in G.S. 58‑24‑120. Such valuation andunderlying data shall be certified by a qualified actuary or, at the expense ofthe society, verified by the actuary of the Department of the state of domicileof the society.
(c) A society neglectingto file the annual statement in the form and within the time provided by thissection shall forfeit one hundred dollars ($100.00) for each day during whichsuch neglect continues, and, upon notice by the Commissioner to that effect,its authority to do business in this State shall cease while such defaultcontinues. (1987, c. 483, s. 2; 1991, c. 720, ss. 4, 19.)
