N.Y. Insurance Law § 4516: Annual statement; valuation report; power of superintendent

§ 4516. Annual statement; valuation report; power of superintendent.

(a) Every authorized society shall make special reports in compliance

with section three hundred eight of this chapter, shall file its annual

statement in conformity with the requirements of section three hundred

seven of this chapter, and on or before the first day of March of each

year, shall file with the superintendent a valuation report of its

insurance certificates or other insurance obligations in force at last

year-end in form and content prescribed by the superintendent. Every

authorized alien society shall also make and file the trusteed surplus

statement required by section one thousand three hundred twelve of this

chapter.

(b) The superintendent shall annually make or cause to be made

valuations of all outstanding certificates and other insurance

obligations of every domestic society, in accordance with the provisions

of this article. The superintendent may make such valuation, or cause

the same to be made, by groups of certificates using approximate

averages for fractions of a year and otherwise. The superintendent may,

in his discretion, make or cause to be made a similar valuation of the

outstanding certificates and other insurance obligations of any

authorized foreign or alien society, or he may accept in lieu thereof

the valuation made or accepted by the insurance department or insurance

supervisory official of the state, province or country in which such

society is domiciled.

(c) Every domestic society, if it has an official publication or

newspaper, shall publish therein a synopsis of its annual statement and

valuation report within sixty days after the same have been filed with

the superintendent.

(d) Every authorized society shall submit such reports as may be

required by the superintendent to demonstrate the activity of its lodge

system, its expenditures for altruistic, educational, fraternal,

patriotic or recreational purposes and other expenses of maintaining

fraternal character.

(e) The superintendent is authorized to engage outside resources and

take such other actions he or she deems necessary and appropriate to

ensure compliance with the requirements of this article and to provide

assistance to and oversight of authorized societies.