(a) Every commercial self-insurance fund shall, annually within 3 months of the end of the fiscal year, file a financial statement of the fund, including its balance sheet and a statement of operations for the preceding year, verified by the oath of a member of the board of trustees or by an administrative executive appointed by the board.
(b) Every fund shall, annually within six months of the end of the fiscal year, file a report with the Commissioner verified by the oath of a member of the board of trustees or by an administrative executive appointed by the board, containing the following information:
(1) A financial statement of the fund, including its balance sheet and a statement of operations for the preceding year certified by an independent certified public accountant.
(2) A report prepared by an actuary who is a member of the American Academy of Actuaries as to the actuarial soundness of the fund. The report shall consist of, but shall not be limited to, the following:
(A) Adequacy of premiums or contributions in paying claims and changes, if any, needed in the contribution rates to achieve or preserve a level of funding deemed adequate, which shall include a valuation of present assets, based on statement value, and prospective assets and liabilities of the plan and the extent of any unfunded accrued liabilities.
(B) A plan to amortize any unfunded liabilities and a description of actions taken to reduce unfunded liabilities.
(C) A description and explanation of actuarial assumptions.
(D) A schedule illustrating the amortization of any unfunded liabilities.
(E) A comparative review illustrating the level of funds available to the commercial self-insurance fund from rates, investment income, and other sources realized over the period covered by the report, indicating the assumptions used.
(F) A projection of the following year's plan of operation, including additional number of members, gross premiums to be written, and projected liabilities.
(G) A statement by the actuary that the report is complete and accurate and that in his opinion the techniques and assumptions used are reasonable and meet the requirements of this section.
(H) Other factors or statements as may be reasonably required by the Commissioner in order to determine the actuarial soundness of the plan.
(3) Any changes in the constitution, bylaws, or trust agreement of the fund.