(a) Any insurer delivering or issuing for delivery in this State any investment annuity policy shall require the custodian to provide the policyowner, if the policyowner has the investment discretion as to the account, and to the annuitant at his or her last known address a report containing, at a minimum, the following information:

1. (1) Within thirty (30) days after the end of each calendar year, the custodian shall furnish the policyowner, if the policyowner has the investment discretion as to the account, and to the annuitant, if other than the policyowner, and the insurer with a statement of:

   1. (A) Premiums, taxes, charges, assessments, if any, and transactions within the account since the last such statement, and
   2. (B) A list in detail of all of the dividends, interest and other income and other assets in the account, the market value of each asset of the annuitant, and the aggregate fair market value of all of the assets in the annuitant's account, all as of the end of such calendar year.
2. (2) The term “transactions” includes, but is not limited to, the sale of assets sold or liquidated for the purpose of providing the necessary funds to pay such premiums, taxes, charges, expenses and assessments.

3. (3) Within thirty (30) days after the date any premium, based on the value of the account, falls due, the custodian shall furnish the insurer, and the insurer shall furnish the annuitant with:

   1. (A) A statement listing all the assets in the account, the fair market value of each asset, and the aggregate fair market value of all assets in the accounts, all as of the premium due date, and
   2. (B) A statement setting forth premiums due and related annuity payments.