Reports shall be filed in accordance with the provisions of this section as follows:

A. every society transacting business in this state shall annually, on or before the first day of March, unless for cause shown such time has been extended by the superintendent, file with the superintendent a true statement of its financial condition, transactions and affairs for the preceding calendar year and pay the fee specified in Section 59A-14-36 [59A-44-36] NMSA 1978. 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 superintendent;

B. as part of the annual statement herein required, each society shall, on or before the first day of March, file with the superintendent a valuation of its certificates in force on December 31 last preceding, provided the superintendent may in his discretion for cause shown extend the time for filing such valuation for not more than two calendar months. Such valuation shall be done in accordance with the standards specified in Section 59A-44-25 NMSA 1978. Such 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

C. 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 such neglect continues, and, upon notice by the superintendent to that effect, its authority to do business in this state shall cease while such default continues.

History: 1978 Comp., § 59A-44-26, enacted by Laws 1989, ch. 388, § 26.

Repeals and reenactments. — Laws 1989, ch. 388, § 26, repealed 59A-44-26 NMSA 1978, as enacted by Laws 1984, ch. 127, § 811, relating to injunctions, liquidation and receivership, and enacted a new section, effective January 1, 1990.

Bracketed material. — The bracketed material was inserted by the compiler and it is not part of the law. The bracketed reference in Subsection A was inserted by the compiler, as the reference to Section 59A-14-36 NMSA 1978 is apparently erroneous.