Section 760 IAC 1-78-3 - General requirements related to filing and extensions for filing of annual audited financial reports and audit committee appointmentAuthority: IC 27-1-3-7
Affected: IC 27-1-3.5
Sec. 3.
(a) All insurers shall:(1) have an annual audit by an independent certified public accountant; and(2) file an audited financial report with the commissioner on or before June 1 for the year ended December 31 immediately preceding. The commissioner may require an insurer to file an audited financial report earlier than June 1 with ninety (90) days advance notice to the insurer.(b) Extensions of the June 1 filing date may be granted by the commissioner for thirty (30) days under the following conditions:(1) A showing by the insurer and its independent certified public accountant of the reasons for requesting an extension.(2) A determination by the commissioner of good cause for an extension. The request for extension must be submitted in writing not less than ten (10) days prior to the due date in sufficient detail to permit the commissioner to make an informed decision with respect to the requested extension.
(c) If an extension is granted in accordance with the provisions in subsection (b), a similar extension of thirty (30) days is granted to the filing of management's report of internal control over financial reporting.(d) Every insurer required to file an annual audited financial report under this rule shall designate a group of individuals as constituting its audit committee, as defined in section 2 of this rule. The audit committee of an entity that controls an insurer may be deemed to be the insurer's audit committee for purposes of this rule at the election of the controlling person. Department of Insurance; 760 IAC 1-78-3; filed Oct 27, 2009, 2:52 p.m.: 20091125-IR-760090376FRAReadopted filed 11/20/2015, 9:25 a.m.: 20151216-IR-760150341RFAReadopted filed 11/15/2021, 8:32 a.m.: 20211215-IR-760210419RFA