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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 ($100) 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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