3 AAC 21.725 - Consolidated or combined audits

An insurer may apply in writing to the director for approval to file consolidated or combined audited financial statements instead of separate audited financial statements if the insurer is part of a group of insurance companies that uses a pooling or 100 percent reinsurance agreement that affects the solvency and integrity of the insurer's reserves and the insurer cedes all of its direct and assumed business to the pool. If approval is granted, a columnar consolidating or combining worksheet must be filed with the annual audited financial report showing

(1) the amounts in the consolidated or combined audited financial statements;
(2) the amounts for each insurer consolidated or combined in the audited financial statements;
(3) non-insurance operations combined or reported individually;
(4) an explanation of consolidating and eliminating entries; and
(5) a reconciliation of any differences between the amounts shown in the individual insurer columns of the worksheet and comparable amounts shown in the annual statements of the insurers filed under AS 21.09.200(a).
3 AAC 21.725
Eff. 8/31/2008, Register 187

Authority:AS 21.06.060

AS 21.06.090

AS 21.09.200


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