N.Y. Comp. Codes R. & Regs. tit. 11 § 89.6

Current through Register Vol. 46, No. 36, September 4, 2024

Section 89.6 - Consolidated or combined audits

A company may make written application to the superintendent for approval to file audited consolidated or combined financial statements, in lieu of separate annual audited financial statements, if the company is part of a group of companies that utilizes a pooling or 100 percent reinsurance agreement that affects the solvency and integrity of the company's reserves and the company cedes all of its direct and assumed business to the pool. In such cases, a columnar consolidating or combining worksheet shall be filed with the report, as follows:

(a) amounts shown on the consolidated or combined audited financial report shall be shown on the worksheet;

(b) amounts for each company subject to this section shall be stated separately;

(c) noninsurance operations must be shown on the worksheet on a combined or individual basis;

(d) explanations of consolidating and eliminating entries shall be included; and

(e) a reconciliation shall be included of any differences between the amounts shown in the individual company columns of the worksheet and comparable amounts shown on the annual statements of the companies.

N.Y. Comp. Codes R. & Regs. Tit. 11 § 89.6