Section 4239. Allocation and reporting of income and expenses of life insurers

(a)  In  order  to  enable  the  superintendent  to  determine  compliance  with  this  chapter,  he  may  issue  reasonable regulations
  prescribing  standards  for  the  equitable  allocation  of  income  and
  expenses  as  among lines of business and as between investment expenses
  and insurance expenses. No such regulation or amendment thereto shall be
  promulgated except upon notice to all  insurers  affected  thereby,  and
  after  hearing.  Such regulation or amendment shall not preclude the use
  of other reasonable and equitable standards previously approved  by  the
  superintendent. He may also promulgate regulations defining the items of
  income and expenses to be reported in each line of the annual statement.
  Any  regulation  or  amendment thereto shall be promulgated at least six
  months before the beginning of the calendar year in which the same shall
  take effect.
    (b) The restrictions in subsection (a) hereof as to  notice,  hearing,
  and  effective  period shall not apply to such regulations or amendments
  as may be approved by the superintendent for calendar years as to  which
  similar  regulations  or  amendments  have  been adopted by the National
  Association of Insurance Commissioners.
    (c) If the superintendent finds, after notice and  hearing,  that  any
  such insurer has failed to comply with the requirements of this section,
  he  may  order  such  insurer  to  change its methods of reporting or to
  modify its basis of allocation so as to produce reasonable and equitable
  results.