Regulation .13 Annual Submission of Financial Reports and Other Reports.
Regulation .13 Annual Submission of Financial Reports and Other Reports.LinkCopy Citation
A.
On or before 90 days following the end of a group's fiscal year, each group shall submit to the Commissioner a fiscal year-end audited financial report, prepared by an independent certified public accountant, in conformity with generally accepted accounting principles, which shall be on a form prescribed by the Commissioner which shall include, but not be limited to:
(1)
Actuarially appropriate reserves for:
(a)
Known claims and expenses associated with them;
(b)
Claims incurred but not reported and expenses associated with them;
(c)
Unearned premiums; and
(d)
Bad debts, for which reserves shall be shown as liabilities;
(2)
An actuarial opinion in compliance with the current edition of the Financial Analysis Handbook published by the National Association of Insurance Commissioners and given by a member of the American Academy of Actuaries or a person who has otherwise demonstrated his or her actuarial competence to the satisfaction of the Commissioner, regarding reserves for:
(a)
Known claims and expenses associated with them; and
(b)
Claims incurred but not reported and expenses associated with them.
B.
A copy of a group’s excess insurance policy for the current calendar year shall be submitted with the fiscal year-end audited financial report required by §A of this regulation.
C.
On or before 90 days following the end of a group's fiscal year, each group shall submit to the Commissioner a report, in a format acceptable to the Commissioner, regarding the financial condition of each member based on the member’s most recent fiscal year-end data, containing the information described in COMAR 31.08.09.08C(15). The report shall be signed by an executive officer of the group.