Or. Admin. Code § 836-011-0120 - Filing and Extensions for Filing of Annual Audited Financial Reports
(1) 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 advance
notice of 90 days to the insurer.
(2) Extensions of the June 1 filing date may
be granted by the Director for 30-day periods upon a showing by the insurer and
its independent certified public accountant of the reasons for requesting an
extension and determination by the Director of good cause for an extension. The
request for extension must be submitted in writing not less than 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.
(3) If an extension is granted in accordance
with section (2) of this rule, a similar extension of 30 days is granted to the
filing of Management's Report of Internal Control over Financial
Reporting.
(4) Every insurer
required to file an annual audited financial report pursuant to OAR
836-011-0100 to
836-011-0230 shall designate a
group of individuals as constituting its audit committee, as defined in
836-011-0110. The audit
committee of an entity that controls an insurer may be designated as the
insurer's audit committee for purposes of
836-011-0100 to
836-011-0230 at the election of
the controlling person.
Notes
Stat. Auth.: ORS 731.244 & 731.488
Stats. Implemented: ORS 731.488
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