(b) Every society transacting business in this state shall annually, before March 1, unless for cause shown the time has been extended by the commissioner:

(A) a true statement of its financial condition, transactions, and affairs for the preceding calendar year on the Annual Statement Blank for fraternal benefit societies; and

(B) any additional information required by the commissioner; and

(2) pay a fee of twenty-five dollars ($25) for filing the statement.

     (c) As part of the annual statement required in this section, each society shall, before March 1, file with the commissioner a valuation of its certificates in force on December 31 last preceding, provided the commissioner may for cause shown, extend the time for filing the valuation for not more than two (2) calendar months. The valuation shall be done in accordance with the standards specified in section 1 of this chapter. 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.

     (d) 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 Indiana shall cease while the default continues.

As added by P.L.262-1985, SEC.1. Amended by P.L.31-1988, SEC.24; P.L.124-2018, SEC.87.