§ 27-25-26 - Reports. - Rhode Island Statutes

SECTION 27-25-26

   § 27-25-26  Reports. – (a) Reports shall be filed in accordance with the provisions of this section.

   (b) Every society transacting business in this state shallannually, on or before the first day of March, unless for cause shown the timehas been extended by the commissioner of insurance, file with the commissionerof insurance a true statement of its financial condition, transactions, andaffairs for the preceding calendar year, and pay a fee of one hundred dollars($100) for filing. The statement shall be in general form and context asapproved by the national association of insurance commissioners for fraternalbenefit societies and as supplemented by additional information required by thecommissioner of insurance.

   (c) As part of the annual statement required in this section,each society shall, on or before the first day of March, file with thecommissioner of insurance a valuation of its certificates in force on Decemberthirty-first last preceding, provided the commissioner of insurance may, in hisor her discretion for cause shown, extend the time for filing the valuation fornot more than two (2) calendar months. The valuation shall be done inaccordance with the standards specified in § 27-25-25. The valuation andunderlying data shall be certified by a qualified actuary or, at the expense ofthe society, verified by the actuary of the department of insurance of thestate of domicile of the society.

   (d) A society neglecting to file the annual statement in theform and within the time provided by this section shall forfeit one hundreddollars ($100) for each day during which the neglect continues, and, uponnotice by the commissioner of insurance to that effect, its authority to dobusiness in this state shall cease while the default continues.

   (e) A society may be required to file quarterly statementsupon request by the insurance commissioner, in accordance with the NationalAssociation of Insurance Commissioners guidelines and procedures, due on orbefore forty-five (45) days after the quarter ending. Annual and quarterlystatements shall be available for inspection by the public.

   (f) The insurance commissioner shall also require compliancewith chapter 12.1 of this title.