Utah Admin. Code R590-254-4 - General Requirements Related to Filing and Extensions for Filing of an Annual Audited Financial Report and Audit Committee Appointment
(1) An insurer shall have an annual audit by
an independent certified public accountant and shall file an audited financial
report with the commissioner on or before June 1 for the year ended December 31
immediately preceding. The commissioner may require an insurer to file an
audited financial report earlier than June 1 with 90 days advance notice to the
insurer.
(2) Extensions of the June
1 filing date may be granted by the commissioner 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 commissioner of
good cause for an extension. The request for extension must be submitted in
writing not less than 10 days before the due date in sufficient detail to
permit the commissioner to make an informed decision with respect to the
requested extension.
(3) If an
extension is granted in accordance with Subsection (2), a similar extension of
30 days is granted to the filing of Management's Report of Internal Control
over Financial Reporting.
(4) Each
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
R590-254-3. The audit committee
of an entity that controls an insurer may be the insurer's audit committee for
purposes of this rule at the election of the controlling person.
Notes
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