Iowa Admin. Code r. 191-57.9
Current through Regsiter Vol. 46, No. 26, June 12, 2024
(1)Individual employers.a. A certificate of relief from insurance is valid for one year, unless sooner revoked under the provisions of rule 57.11(87,505). Such certificate is effective from August 1 to July 31.b. By June 1 of each year, each individual employer must submit:(1) A completed application;(2) A statement of financial condition audited by an independent certified public accountant as of the end of the most recently completed fiscal year. The financial statement shall be on a form prescribed by the commissioner and shall include, but not be limited to, actuarially appropriate reserves for (a) known claims and expenses associated therewith, (b) claims incurred but not reported and expenses associated therewith, (c) unearned premiums and (d) bad debts, which reserves shall be shown as liabilities. An actuarial opinion regarding reserves for items (a) and (b) above shall be included in the audited financial statement. The actuarial opinion shall be given by a member of the American Academy of Actuaries or other qualified loss reserve specialist as defined in the annual statement adopted by the National Association of Insurance Commissioners;(3) Any additional relevant information required by the division; andc. Depending on any change in financial condition, the commissioner may require additional security, as provided in rule 57.4(87,505).d. The commissioner reserves the right to require financial reports more frequently than once each year if a deterioration in financial security warrants a closer scrutiny of an individual employer(2) Rescinded, effective 4/27/88.Iowa Admin. Code r. 191-57.9