Oklahoma § 36-2726.1 - Reports

§ 36-2726.1. Reports

A. Reports shall be filed in accordance with the following

provisions:

1. Every society transacting business in this state shall

annually, on or before the first day of March, unless for cause

shown such time has been extended by the Insurance Commissioner,

file with the Commissioner a true statement of its financial

condition, transactions and affairs for the preceding calendar year

and pay the fee therefor stated in Section 321 of this title. The

statement shall be in general form and context as approved by the

National Association of Insurance Commissioners for fraternal

benefit societies as supplemented by the Commissioner by rule.

2. As part of the annual statement herein required, each

society shall, on or before the first day of March, file with the

Commissioner a valuation of its certificates in force on the

immediately preceding December 31; provided, the Commissioner may,

in his or her discretion for cause shown, extend the time for filing

such valuation for not more than two (2) calendar months. Such

valuation shall be done in accordance with the standards specified

in Section 2725.1 of this title. Such valuation and underlying data

shall be certified by a qualified actuary or, at the expense of the

Oklahoma Statutes - Title 36. Insurance

society, verified by the actuary of the department of insurance of

the state of domicile of the society.

B. A society neglecting to file the annual statement in the

form and within the time provided by this section shall forfeit One

Hundred Dollars ($100.00) for each day during which such neglect

continues, and, on notice by the Insurance Commissioner to that

effect, its authority to do business in this state shall cease while

such default continues.

Added by Laws 1992, c. 76, § 26, eff. Jan. 1, 1993. Amended by Laws

1997, c. 418, § 93, eff. Nov. 1, 1997.