A. Every beneficial society doing business in this Commonwealth shall annually, on or before the first day of March, file in the office of the Insurance Commissioner a statement which shall exhibit its financial condition as of the thirty-first day of December of the previous year and its business of that year. Such statement shall be in the form prescribed, or on forms furnished, by the Insurance Commissioner, and shall contain such information as shall seem to the commissioner best adapted for the purpose of eliciting from the beneficial society a true exhibit of its financial condition. It shall also, within thirty days after requested by the Insurance Commissioner, render such additional statement or statements concerning its affairs and financial condition as the Insurance Commissioner may, in his discretion, require.

B. Any beneficial society which neglects to make and file its annual statement in the form or within the time required by this section, shall forfeit a sum of not more than one hundred dollars for each day during which its failure to file a statement continues, and, upon notice from the Insurance Commissioner, its authority to transact new business shall cease while its default continues.

C. A beneficial society and the persons, who make an oath or subscribe to a false annual statement in its behalf, shall severally be punished for wilfully making a false annual statement by a fine of not less than five hundred dollars or more than five thousand dollars. A person who makes oath to such false statement with the knowledge that it is false shall be deemed guilty of perjury.