Each authorized automobile club shall annually, before March 1, file with the commissioner a true statement of its financial condition, transactions, and affairs as of December 31 preceding. The statement shall contain such information as may be reasonably required by the commissioner, and shall be verified by the oaths of at least two (2) of the automobile club's principal officers.
The commissioner may suspend or revoke the certificate of authority of any automobile club failing to file its annual statement when due or during any extension of time therefor which the commissioner, for good cause, may grant.