Sec. 501.3. Extension of time

When an application is made for an extension of time within which to make and file any annual or periodic report with the commissioner or to comply with any provision of an order of the commissioner, the application shall be filed before the expiration of the period prescribed, shall be verified and shall set forth in detail:

(a) what effort has been made by the applicant to prepare such report or to comply with the order within the time specified;

(b) facts tending to show why said report could not be made and filed or the order complied with within the time prescribed;

(c) other facts which justify an extension of time; and

(d) the further period of time necessarily required within which to make and file such report or to comply with an order.