Section 3.21.710. Requirements regarding contents and filing of annual audited financial report.

	(a)  The director may extend the due date of the annual audited financial report for 30 days if the insurer and its independent certified public accountant submit a request that gives the reasons for needing an extension and the director determines there is good cause to grant an extension. The request for extension must be submitted in writing not fewer than 10 days before the due date of the report and in sufficient detail to permit the director to make an informed decision with respect to the requested extension. If the director grants an extension, a similar extension is also granted for the filing of management's report of internal control over financial reporting.  
	(b)  The annual audited financial report must report the financial position of the insurer as of the end of the most recent calendar year and the results of its operations, cash flows, and changes in capital and surplus for the year then ended in conformity with accounting practices prescribed or otherwise permitted by the insurance regulatory official of the insurer's state of domicile.  
	(c)  The annual audited financial report must include the  
		(1) report of an independent certified public accountant;  
		(2) balance sheet reporting admitted assets, liabilities, capital, and surplus;  
		(3) statement of operations;  
		(4) statement of cash flow;  
		(5) statement of changes in capital and surplus; and  
		(6) notes to the financial statements that are required by the National Association of Insurance Commissioners' annual financial statement instructions and the National Association of Insurance Commissioners' accounting practices and procedures manual, including a reconciliation of any differences between the annual audited financial report and the statement of financial condition filed under AS 21.09.200(a) with a written description of the nature of these differences.  
	(d)  The annual financial statements included with the audited financial report must be prepared in a form and using language and groupings substantially the same as the statement of financial condition filed under AS 21.09.200(a) and must be comparative by presenting the amounts as of December 31 of the current year and the amounts as of the immediately preceding December 31. In the first year in which an insurer is required to file an audited financial report, the comparative data may be omitted.   

Authorities

21.06.060;21.06.090;21.09.200

Notes

Reference

3 AAC 21.775

Authority

AS 21.06.060 AS 21.06.090 AS 21.09.200

History

Eff. 8/31/2008, Register 187