Okla. Admin. Code § 810:25-11-5

Current through Vol. 42, No. 8, January 2, 2025

Section 810:25-11-5 - Financial and related reports

(a) On or before the one hundred twentieth (120) day after the end of its fiscal year, every association shall file a certified audit of its annual financial condition prepared by a certified public accountant acceptable to the Commission. Audits must include a complete breakdown of all monies collected by the association, including the amount discounted and a complete breakdown of expenses. The audit should footnote and analyze completely all paid claims and claims reserved but not reported. A footnote must also be included to indicate if payments to contracted parties are in accordance with current contracts.

(b) An interim financial statement shall be filed sixty (60) days following the midyear fiscal anniversary of the association. This statement need not be audited, but should reflect pertinent data regarding income, claims reserves and IBNR, standard premium, discounts, interest earned, expense constant fees, as well as a breakdown of the association's expenses.

(c) An actuarial report of the association's estimated reserves must be filed with the certified financial audit required in Subsection (a) of this Section. The reserves recommended by the actuarial report must be used by the association. If the actuary gives a range of reserves, the association should use the midrange or higher. The actuary completing the report should be a member in good standing with the Casualty Actuarial Society.

Okla. Admin. Code § 810:25-11-5

Adopted by Oklahoma Register, Volume 32, Issue 23, August 17, 2015, eff. 8/27/2015