210 Neb. Admin. Code, ch. 56, § 004 - General requirements related to filing and extensions for filing of annual Audited financial reports and Audit committee appointment

004.01 All Insurers shall have an annual audit by an independent certified public accountant and shall file an Audited financial report with the Director on or before June 1 for the year ended December 31 immediately preceding. The Director may require an Insurer to file an Audited financial report earlier than June 1 with ninety (90) days advance notice to the Insurer.

004.02 Extensions of the June 1 filing date may be granted by the Director for thirty-day periods upon a showing by the Insurer and its independent certified public accountant of the reasons for requesting such extension and a determination by the Director of good cause for the extension. The request for extension must be submitted in writing not less than ten (10) days prior to the due date in sufficient detail to permit the Director to make an informed decision with respect to the requested extension.

004.03 If an extension is granted in accordance with the provisions in Section 004.02, a similar extension of thirty (30) days is granted to the filing of Management's Report of Internal Control over Financial Reporting.

004.04 Every Insurer required to file an annual Audited financial report pursuant to this Rule shall designate a group of individuals as constituting its Audit committee, as defined in Section 003. The Audit committee of an entity that controls an Insurer may be deemed to be the Insurer's Audit committee for purposes of this Rule at the election of the controlling person.

Notes

210 Neb. Admin. Code, ch. 56, § 004

Amended effective 3/13/2018