Iowa Admin. Code r. 191-102.2
"Certified financial statements, " as used in this chapter and in Iowa Code section 523D3(1)."i, " means financial statements audited and certified by a certified public accountant in accordance with generally accepted auditing standards.
"Actuarial forecast," as used in Iowa Code section 523D5(1)."f" means an analysis which is performed by a qualified actuary or an individual who has demonstrated to the satisfaction of the commissioner the necessary experience and educational background. Such analysis shall be in accordance with generally accepted actuarial principles and practices and shall include a statement of actuarial opinion, an actuarial balance sheet, a cash flow projection, and a statement of applicable actuarial methodology, formulas, and assumptions. "Qualified actuary" means an individual who is a member of the American Academy of Actuaries.
"Financial institution, " as used in Iowa Code section 523D5(4)., means: a state or federally insured bank, savings bank, savings and loan association, or credit union; or a trust company authorized to do business in the state of Iowa.
"Statement of financial feasibility, " as used in Iowa Code section 523D5(1)."d, " means a financial forecast, as defined by the American Institute of Certified Public Accountants (AICPA), of the revenues, expenses, working capital needs, and other financial requirements for the new or expanded facility or an alternative financial study in a form acceptable to the insurance division. The forecast period should include the development or expansion period and extend for five fiscal years from the date of initial occupancy. Unless waived by the commissioner, the statement of financial feasibility shall include a cash flow forecast with underlying assumptions and be presented in accordance with AICPA guidelines. The financial analysis shall be prepared by either a qualified actuary, a certified public accountant, or an individual who has demonstrated to the satisfaction of the commissioner the necessary experience and educational background. "Qualified actuary" means an individual who is a member of the American Academy of Actuaries. "Certified public accountant" means a person who is licensed as a certified public accountant under Iowa Code chapter 542 or under the laws of another state.
"Statement of the market feasibility" as used in Iowa Code section 523D. 5(1)"e, " means an analysis of the market conditions which:
Iowa Admin. Code r. 191-102.2