290(1)In addition to the annual statement required to be filed under this Act, each society shall file with the Superintendent not later than the first day of May in each year a valuation of its certificates or contracts of insurance in force at the preceding thirty-first day of December, and such valuation shall be prepared having regard to the prospective liabilities of the society under its contracts and to the rates of contribution of members in force at the date of valuation and shall be made and certified by an actuary appointed by the society and shall include a valuation balance sheet in such form and detail as the Superintendent prescribes.

290(2)Where the valuation balance sheet shows that the society is in a position to provide for the payment of its contracts as they mature, without deduction or abatement and without increase in its existing rates of contribution, the society shall file with the Superintendent a declaration of the actuary to that effect.

290(3)A summary of the valuation certified by the actuary and a statement as to the financial condition of the society disclosed by such valuation shall be mailed to each insured member not later than the first day of June in each year or by publication in the official paper of the society.

290(4)A society, the membership of which is limited by its constitution or laws to local government or government employees shall not be required to file the valuation or to publish the summary thereof unless and until required by the Superintendent in writing so to do.

290(1)In addition to the annual statement required to be filed under this Act, each society shall file with the Superintendent not later than the first day of May in each year a valuation of its certificates or contracts of insurance in force at the preceding thirty-first day of December, and such valuation shall be prepared having regard to the prospective liabilities of the society under its contracts and to the rates of contribution of members in force at the date of valuation and shall be made and certified by an actuary appointed by the society and shall include a valuation balance sheet in such form and detail as the Superintendent prescribes.

290(2)Where the valuation balance sheet shows that the society is in a position to provide for the payment of its contracts as they mature, without deduction or abatement and without increase in its existing rates of contribution, the society shall file with the Superintendent a declaration of the actuary to that effect.

290(3)A summary of the valuation certified by the actuary and a statement as to the financial condition of the society disclosed by such valuation shall be mailed to each insured member not later than the first day of June in each year or by publication in the official paper of the society.

290(4)A society, the membership of which is limited by its constitution or laws to municipal or government employees shall not be required to file the valuation or to publish the summary thereof unless and until required by the Superintendent in writing so to do.