{"data":{"id":"us-ky/krs-304.29-261","jurisdiction":"us-ky","citation":"KRS 304.29-261","heading":"Reports.","body":"(1) Every society transacting business in this state shall annually, on or before the first\nday of March, file with the commissioner a true statement of its financial condition,\ntransactions and affairs for the preceding calendar year and pay the fee required\nunder KRS 304.4 -010 for filing it. The statement shall be in general form and\ncontext as approved by the National Association of Insurance Commissioners for\nfraternal benefit societies and as supplemented by additional information required\nby the commissioner.\n(2) As part of the annual statement, each society shall, on or before the first day of\nMarch, file with the commissioner a valuation of its certificates in force on\nDecember 31 last preceding. The commissioner may, in his or her discretion for\ncause s hown, extend the time for filing the valuation for not more than two (2)\ncalendar months. The valuation shall be done in accordance with the standards\nspecified in KRS 304.29 -251. The valuation and underlying data shall be certified\nby a qualified actuary or, at the expense of the society, verified by the actuary of the\ndepartment of insurance of the state of domicile of the society.\n(3) A society failing to file the annual statement in the form and within the time\nprovided by this section shall forfeit one hundred dollars ($100) for each day during\nwhich the default continues; and, upon notice by the commissioner, its authority to\ndo business in this state shall cease while the default continues.\n(4) Each society authorized to transact business in this stat e pursuant to this subtitle\nshall comply with KRS 304.2-205.","path":[],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=29697","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:57:53Z","sha256":"c6a2754f4bfd5d478cb1e3490bc68e4c0132fecb590ad721fb9c5f7dcf441295","source_id":"us-ky","stale":false,"prev":"us-ky/krs-304.29-260","next":"us-ky/krs-304.29-270"},"notice":"GroundRules: Original legal text. Not legal advice."}