A. Each group shall submit to the director a statement of financial condition audited by an independent certified public accountant on or before the last day of the sixth month following the end of the group's fiscal year. The financial statement shall be on a form prescribed by the director and shall include actuarially appropriate reserves for:
(1) known claims and associated expenses;
(2) claims incurred but not reported and associated expenses;
(3) unearned premiums; and
(4) bad debts, which reserves shall be shown as liabilities. An actuarial opinion regarding reserves for:
(a) known claims and associated expenses; and
(b) claims incurred but not reported and associated expenses 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.
B. The director may prescribe the format and frequency of other reports, which may include payroll audit reports, summary loss reports and quarterly financial statements.
History: Laws 1986, ch. 22, § 86; 1990 (2nd S.S.), ch. 2, § 76.
ANNOTATIONSThe 1990 (2nd S.S.) amendment, effective January 1, 1991, substituted "director" for "superintendent" throughout the section.