Ill. Admin. Code tit. 50, § 3601.70 - Financial Statements
a)
Each trust approved pursuant to the Act shall file audited financial statements
in accordance with the requirements of Section 14 of the Act containing or
accompanied by the following information:
1) A
balance sheet listing all assets and liabilities presented on an accrual basis
which provides for an estimate of the ultimate net cost of all losses and
related loss adjustment expenses incurred as of the statement date. Liabilities
for such incurred losses and loss adjustment expenses shall be presented on an
undiscounted basis; provided however, that a trust may present such reserves on
a discounted basis in accordance with Section
5601.75
of this Part.
2) A statement of
income, expenses and fund balance.
3) A complete and detailed listing of each
investment or asset held, such listing similar to the appropriate investment
schedules contained in the Convention Annual Statement of the National
Association of Insurance Commissioners for insurance companies.
4) A statement of cash flows.
b) With the exception of loss
reserve discounting permitted by Section
5601.75
of this Part, the financial statements shall be prepared in accordance with
accounting principles permitted or prescribed for use by property casualty
insurance companies.
c) In
addition, each trust shall file audited financial statements audited by an
independent certified public accountant designated in the application required
by Section
5601.20
of this Part. The auditing standards to be employed are those recommended by
the American Institute of Certified Public Accountants. In addition to any
other information the Director may require to be disclosed, the audited
financial report shall include the following:
1) Report of independent certified public
accountant.
2) Balance sheet
reporting assets, liabilities and surplus fund.
3) Statement of gain or loss from
operations.
4) Statement of cash
flows.
5) Notes to the financial
statement essential for an adequate understanding of the trust and its
financial statements.
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