Each fraternal benefit society shall file reports as follows:
1. Unless the director extends the time for filing for good cause shown, on or before March 1 each society transacting business in this state shall annually file with the director a true statement of its financial condition, transactions and affairs for the preceding calendar year and shall pay the fee prescribed by section 20 167 for filing the statement. The statement shall be in the general form and context that is approved by the national association of insurance commissioners for fraternal benefit societies, supplemented by any additional information that the director requires.
2. At the time of filing its annual statement pursuant to paragraph 1 of this section, each society shall also file with the director a valuation of its certificates in force as of the preceding December 31. On a showing of good cause the director may extend the time for filing the valuation for a period of not more than two calendar months. The valuation shall be conducted pursuant to section 20 884. A qualified actuary shall certify the valuation and underlying data, or at the expense of the society, an actuary of the department of insurance in the domiciliary state of the society shall verify the valuation and underlying data. 20885