§432:1-404  Annual exhibits.  (a)  Eachsociety shall file with the commissioner annually, on or before March 1 in eachyear, a statement under oath, and in such form and detail as the commissionershall prescribe; provided that any association or society organized andoperating as a nonprofit medical indemnity or hospital service associationshall file a report with the commissioner covering the preceding calendar yearand verified by at least two principal officers.  Each mutual benefit societyshall file quarterly with the commissioner, on or before the forty-fifth dayafter each quarter, a copy of its quarterly report verified by at least twoprincipal officers.  The report shall comply with sections 431:3-301 and431:3-302.  The commissioner may prescribe the forms on which the report is tobe filed.

In addition, any association or societyorganized and operating as a nonprofit medical indemnity or hospital serviceassociation annually shall file with the commissioner the following by thedates specified:

(1)  An audit, by an independent certified publicaccountant or an accounting firm designated by the association or society, ofthe financial statements, reporting the financial condition and results ofoperations of the association or society on or before June 1, or a later dateas the commissioner upon request or for cause may specify.  The association orsociety, on an annual basis and prior to the commencement of the audit, shallnotify the commissioner in writing of the name and address of the person orfirm retained to conduct the annual audit.  The commissioner may disapprove theassociation's or society's designation within fifteen days of receipt of theassociation's or society's notice, and the association or society shall berequired to designate another independent certified public accountant oraccounting firm.  The audit required in this paragraph shall be prepared inaccordance with the National Association of Insurance Commissioners' annualstatement instructions, following the practices and procedures prescribed bythe National Association of Insurance Commissioners' accounting practices andprocedures manuals; and

(2)  A description of the available grievanceprocedures, the total number of grievances handled through those procedures, acompilation of the causes underlying those grievances, and a summary of thefinal disposition of those grievances on or before March 1.

(b)  Labor union mutual benefit societies shallfile annually a copy of the report filed under Public Law 85-836 and a completefinancial report prepared by a certified public accountant. [L 1987, c 347, ptof §2; am L 2000, c 74, §3; am L 2003, c 212, §121]