Ala. Admin. Code r. 482-1-141-.05 - Contents Of Annual Audited Financial Report
(1) The annual audited financial report shall
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 statutory
accounting practices prescribed, or otherwise permitted, by the Department of
Insurance of the state of domicile.
(2) The annual audited financial report shall
include the following:
(a) Report of
independent certified public accountant.
(b) Balance sheet reporting admitted assets,
liabilities, capital and surplus.
(c) Statement of operations.
(d) Statement of cash flows.
(e) Statement of changes in capital and
surplus.
(f) Notes to financial
statements. These notes shall be those required by the appropriate NAIC
Annual Statement
Instructions and the NAIC
Accounting Practices and Procedures Manual. The notes shall
include a reconciliation of differences, if any, between the audited statutory
financial statements and the annual statement filed pursuant to Section
27-3-26, Code of Ala.
1975, with a written description of the nature of these
differences.
(g) The financial
statements included in the audited financial report shall be prepared in a form
and using language and groupings substantially the same as the relevant
sections of the annual statement of the insurer filed with the commissioner,
and the financial statement shall be comparative, presenting the amounts as of
December 31 of the current year and the amounts as of the immediately preceding
December 31. (However, in the first year in which an insurer is required to
file an audited financial report, the comparative data may be
omitted).
Notes
Author: Commissioner of Insurance
Statutory Authority: Code of Ala. 1975, ยงยง 27-2-17, 27-3-26, 27-7-43.
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