304.29-261 Reports.
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Every society transacting business in this state shall annually, on or before the first
day of March, file with the commissioner a true statement of its financial condition,
transactions and affairs for the preceding calendar year and pay the fee required
under KRS 304.4-010 for filing it. 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 commissioner.
As part of the annual statement, each society shall, on or before the first day of
March, file with the commissioner a valuation of its certificates in force on
December 31 last preceding. The commissioner may, in his or her discretion for
cause shown, extend the time for filing the valuation for not more than two (2)
calendar months. The valuation shall be done in accordance with the standards
specified in KRS 304.29-251. The 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.
A society failing to file the annual statement in the form and within the time
provided by this section shall forfeit one hundred dollars (0) for each day during
which the default continues; and, upon notice by the commissioner, its authority to
do business in this state shall cease while the default continues.
Each society authorized to transact business in this state pursuant to this subtitle
shall comply with KRS 304.2-205.
Effective: July 15, 2010
History: Amended 2010 Ky. Acts ch. 24, sec. 1398, effective July 15, 2010. -Amended 1998 Ky. Acts ch. 483, sec. 25, effective July 15, 1998. -- Created 1988
Ky. Acts ch. 310, sec. 26, effective January 1, 1989.
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