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- Alaska Statutes.
- Title 21. Insurance
- Chapter 84. Fraternal Benefit Societies
- Section 465. Reports.
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. Misrepresentation. [Repealed, Sec. 36 Ch 96 SLA 1997].
AS 21.84.465. Reports.
- (a) Reports shall be filed in accordance with the provisions of this section.
- (b) A society transacting business in this state shall annually, on or before March 2, unless the time has been extended
by the director for cause shown, file with the director a true statement of the society's financial conditions,
transactions, and affairs for the preceding calendar year and pay the applicable fee under AS 21.06.250
. The statement shall be in the general form and content approved by the National Association of Insurance
Commissioners for fraternal benefit societies and supplemented by additional information required by the director.
- (c) As a part of the annual statement required by this section, each society shall, on or before March 1, file with the
director a valuation of the society's certificates in force on the preceding December 31, but the director may, in the
director's discretion, for cause shown, extend the time for filing the valuation for not more than two calendar months.
The valuation shall be done in accordance with the standards specified in AS 21.84.455
. 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 insurance regulatory agency of the state of domicile of the society.
- (d) If a society fails to file the annual statement in the form and within the time provided by this section, the society
shall forfeit $100 for each day that the neglect continues, and, upon notice by the director to that effect, the
society's authority to do business in this state shall cease while the default continues.
- (e) A synopsis of its annual statement providing an explanation of the facts concerning the condition of the society shall
be either printed and mailed to each benefit member of the society not later than June 1 of each year or published in
the society's official publication.
- (f) The director may require a society to file quarterly financial statements. If quarterly financial statements are
required, the statements must follow for a given quarter the reporting specified in the quarterly financial statement
blank form and instructions most recently approved by the National Association of Insurance Commissioners.
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