Statutes, codes, and regulations
Indiana Administrative Code
Title 760 - DEPARTMENT OF INSURANCEArticle 1 - GENERAL PROVISIONS
Rule 760 IAC 1-51 - Procedures for Reinsurance Intermediaries
Section 760 IAC 1-51-6 - Compilation and review

760 Ind. Admin. Code 1-51-6

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Current through December 25, 2024
Section 760 IAC 1-51-6 - Compilation and review

Authority: IC 27-6-9-26

Affected: IC 27-6-9

Sec. 6.

(a) The reinsurance intermediary-manager shall contract with a certified public accountant for an annual compilation and review. The compilation shall include the following:
(1) A report by an independent certified public accountant.
(2) A balance sheet.
(3) A statement of income.
(4) A statement of cash flows.
(5) A statement of income and retained earnings.
(6) Verification by management, under oath, of the amount of reinsurance premiums written for the previous calendar year.
(b) The insurer shall retain a copy of the compilation and review conducted under subsection (a) for each reinsurance intermediary-manager with whom the insurer has a contract.
(c) The department of insurance shall retain authority to examine a reinsurance intermediary-manager notwithstanding termination of the reinsurance intermediary-manager's contractual authority.

760 IAC 1-51-6

Department of Insurance; 760 IAC 1-51-6; filed Jul 8, 1993, 10:00 a.m.: 16 IR 2562; readopted filed Sep 14, 2001, 12:22 p.m.: 25 IR 531; readopted filed Nov 27, 2007, 4:01 p.m.: 20071226-IR-760070717RFA; readopted filed November 26, 2013, 3:43 p.m.: 20131225-IR-760130479RFA
Readopted filed 11/19/2019, 9:18 a.m.: 20191218-IR-760190497RFA