Vermont § 4494 - Reports and valuations Reports shall be filed and synopses of annual statements shall be published in accordance with the provisions of this section.

§ 4494. Reports and valuations Reports shall be filed and synopses of annual statements shall be published in accordance with the provisions of this section.

• (1) Every society transacting business in this State shall annually, on or before March
  1, unless for cause shown such time has been extended by the Commissioner of Financial
  Regulation, file with the Commissioner of Financial Regulation a true statement of
  its financial condition, transactions, and affairs for the preceding calendar year
  and pay a fee of $20.00 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
  of Financial Regulation. (2) A synopsis of its annual statement providing an explanation of the facts concerning
  the condition of the society thereby disclosed shall be printed and mailed to each
  benefit member of the society not later than June 1 of each year, or, in lieu thereof,
  the synopsis may be published in the society’s official publication. (3) As a part of the annual statement required in this section, 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, however, the Commissioner may, in the Commissioner’s
  discretion for cause shown, extend the time for filing the valuation for not more
  than two calendar months. Such report of valuation shall show, as reserve liabilities,
  the difference between the present mid-year value of the promised benefits provided
  in the certificates of the society in force and the present mid-year value of the
  future net premiums as the same are in practice actually collected, not including
  any value for the right to make extra assessments and not including any amount by
  which the present mid-year value of future net premiums exceeds the present mid-year
  value of promised benefits on individual certificates. At the option of any society,
  in lieu of the above, the valuation may show the net tabular value. The net tabular
  value as to certificates issued before one year after November 22, 1959 shall be determined
  in accordance with the provisions of law applicable before November 22, 1959, and
  as to certificates issued on or after one year from November 22, 1959 shall be not
  less than the reserves determined according to the Commissioners’ Reserve Valuation
  method as defined in this section. If the premium charged is less than the tabular
  net premium according to the basis of valuation used, an additional reserve equal
  to the present value of the deficiency in the premiums shall be set up and maintained
  as a liability. The reserve liabilities shall be properly adjusted in the event that
  the mid-year or tabular values are not appropriate. (4)(A) Reserves according to the Commissioners’ Reserve Valuation method, for the life insurance
  and endowment benefits of certificates providing for a uniform amount of insurance
  and requiring the payment of uniform premiums shall be the excess, if any, of the
  present value, at the date of valuation, of the future guaranteed benefits provided
  for by the certificates, over the then present value of any future modified net premiums
  for the certificates. The modified net premiums for any such certificate shall be
  such percentage of the respective contract premiums for the benefits that the present
  value, at the date of issue of the certificate, of all such modified net premiums
  shall be equal to the sum of the then present value of the benefits provided for by
  the certificate and the excess of subdivision