Tennessee § 56-25-602 - Annual reports.

§ 56-25-602. Annual reports.

Reports shall be filed in accordance with the following provisions: Every society transacting business in this state shall annually, on or before March 1, unless time has been extended by the commissioner for cause shown, file with the commissioner a true statement of its financial condition, transactions and affairs for the preceding calendar year and pay the fee specified in § 56-4-101 for filing the statement. 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 herein required, each society shall, on or before March 1, file with the commissioner a valuation of its certificates in force on December 31 last preceding; provided, that the commissioner has the discretion, for cause shown, to extend the time for filing the valuation, for no more than two (2) calendar months. The valuation shall be done in accordance with the standards specified in § 56-25-601. 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; and 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) for each day during which the neglect continues, and, upon notice by the commissioner to that effect, its authority to do business in this state shall cease while the default continues. Acts 1990, ch. 703, § 1; T.C.A. § 56-25-1602 . Code Commission Notes. This section was renumbered from § 56-25-1602 to § 56-25-602 by authority of the Code Commission in 2016. Compiler's Notes. Section 56-25-1601 referenced in (2) was renumbered as 56-25-601 by the authority of the code commission in 2016.