(1) Every life insurance company or association doing business in this state shall, within ten (10) days after the approval of proof of death of a person insured under a policy or policies, in such companies or association, give notice in writing to the commissioner where the estate is being administered stating: The date and amount of each policy;
(2) The name and address of each beneficiary in the policy; and
(3) The time and manner of payment.
(4) Any insurance company doing business in the state, failing or refusing to comply with this part and part 3 of this chapter, shall forfeit its charter in this state and its right to do business within the state.
(5) Upon certification from the commissioner of commerce and insurance that any insurance company has failed or refused to comply with parts 3 and 4 of this chapter, the secretary of state shall forthwith cancel the charter of such company and shall immediately notify such insurance company that it is barred from doing further business in the state.