512B.24 Reports. Reports shall be filed in accordance with this section.1. A society transacting business in this state, on or before March 1 annually, unless for cause shown the time has been extended by the commissioner, shall file with thecommissioner a true statement of its financial condition, transactions, and affairs for thepreceding calendar year and shall pay a fee of fifty dollars. The statement may be in generalform and content as approved by the national association of insurance commissioners forfraternal benefit societies and shall be supplemented by additional information as adoptedby rule of the commissioner. 2. As part of the annual statement, a society shall, on or before March 1, file with the commissioner of insurance a valuation of its certificates in force on the last precedingDecember 31. However, the commissioner may, for cause shown, extend the time for filing the valuation for not more than two calendar months. The valuation shall be done inaccordance with the standards specified in section 512B.23. The valuation and underlyingdata shall be certified by a qualified actuary or, at the expense of the society, verified by theactuary of the department of h the standards specified in section 512B.23. The valuation and underlyingdata shall be certified by a qualified actuary or, at the expense of the society, verified by theactuary of the department of insurance of the state of domicile of the society. 3. A society failing to file the annual statement in the form and within the time provided by this section shall forfeit one hundred dollars for each day during which the default continues,and, upon notice by the commissioner to that effect, the society’s authority to do business inthis state shall cease while the default continues. 90 Acts, ch 1148, §25; 92 Acts, ch 1162, §17 Sat Dec 23 00:43:22 2023 Iowa Code 2024, Section 512B.24 (16, 0)
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