(a) Each company issuing any separate account annuity contract shall at least once in each contract year mail to every separate account annuity contractholder, addressed to his last post office address known to the company, a statement or statements reporting the investments held in the separate account and, in addition, in the case of contracts under which benefit payments have not yet commenced, a statement reporting as of a date not more than four months prior to the date of mailing, the number of accumulation units credited to such contracts, and the dollar value of each such unit or the total value of the contractholder's account, except that such statements need not be mailed with respect to such contracts which have been issued not more than four months prior to the date of the mailing. “Contractholder”, as used in this subdivision, shall include a certificateholder who has accumulation units credited to his account. Such statement may be distributed to the certificateholder by delivery thereof to the contractholder pursuant to a bona fide plan which provides for the further distribution of such statement or statements to the certificateholders.

(b) Each company issuing any separate account annuity contract shall submit annually to the superintendent, in such form as he may prescribe, a statement of the business of its separate account or accounts.