$3$ of $15$

The following insurance companies operate in the United States:

The Berry Mutual Insurance Company sells only guaranteed products, such as whole life insurance and fixed annuities.

The Malabar Mutual Insurance Company sells both fixed and variable insurance products.

Select the answer choice that correctly indicates whether the Securities and Exchange Commission $($SEC$)$ requires Berry and Malabar to publish an annual report.

Berry required to publish?

yes

yes

no

no

Malabar required to publish?

yes

no

yes

no