Annual statement of condition and affairs; annual fees; examination by Commissioner.
1. Every corporation subject to the provisions of this chapter shall annually:
(a) On or before March 1, file in the Office of the Commissioner a statement verified by at least two of the principal officers of the corporation, showing its condition and affairs as of December 31 of the preceding calendar year. The statement must be in the form required by the Commissioner and must contain statements relative to the matters required to be established as a condition precedent to maintaining or operating a nonprofit hospital, medical or dental service plan and to other matters which the Commissioner may prescribe.
(b) Pay the annual fee for the renewal of a certificate of authority and the fee for the filing of an annual statement.
2. The Commissioner may examine, as often as he deems it desirable, the affairs of every corporation subject to the provisions of this chapter. He shall, if practicable, examine each such corporation at least once in every 3 years, and in any event, at least once in every 5 years, as to its condition, fulfillment of its contractual obligations and compliance with applicable laws. For examining the financial condition of every such corporation the Commissioner shall collect the actual expenses of the examination. Such expenses must be paid by the corporation. The Commissioner shall refuse to issue a certificate of authority or shall revoke his certificate of authority issued to any corporation which neglects or refuses to pay such expenses.
Last modified: February 27, 2006