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



In addition, any association or society
organized and operating as a nonprofit medical indemnity or hospital service
association annually shall file with the commissioner the following by the
dates specified:



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



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



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