(a) The Authority shall submit to the Governor and the Legislature annually, after the close of its fiscal year, a report of the business of the Authority for the preceding fiscal year and two sets of annual statements; one prepared in accordance with National Association of Insurance Commissioners' guidelines and the other prepared in accordance with Generally Accepted Accounting Principles.
(b) The Board shall submit to the Insurance Commissioner each year, and not later than three months after the Authority's fiscal year-end, two sets of Annual Statements; one prepared in accordance with National Association of Insurance Commissioners' guidelines and the other prepared in accordance with Generally Accepted Accounting Principles.
(c) The Insurance Commissioner may require other reports concerning risks insured by the Authority as the Insurance Commissioner deems appropriate.
(d) For the purpose of ascertaining its condition or compliance with this chapter, the Insurance Commissioner, as often as the Insurance Commissioner deems advisable, but at least once every three years, shall examine the accounts, records, documents, and transactions of the Authority. The Authority shall pay all reasonably incurred expenses of the examination.