KRS 304.29-261: Reports.

(1) Every society transacting business in this state shall annually, on or before the first

day of March, file with the commissioner a true statement of its financial condition,

transactions and affairs for the preceding calendar year and pay the fee required

under KRS 304.4 -010 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.

(2) As part of the annual statement, each society shall, on or before the first day of

March, file with the commissioner a valuation of its certificates in force on

December 31 last preceding. The commissioner may, in his or her discretion for

cause s hown, 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 KRS 304.29 -251. 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.

(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 ($100) for each day during

which the default continues; and, upon notice by the commissioner, its authority to

do business in this state shall cease while the default continues.

(4) Each society authorized to transact business in this stat e pursuant to this subtitle

shall comply with KRS 304.2-205.