The annual audited financial report required under s.
50.05 shall comply with all of the following:
Report the financial position of the
insurer as of the end of the most recent calendar year and the results of its
operations, cash flows and changes in capital and surplus for the year then
ended in conformity with statutory accounting practices prescribed, or
otherwise permitted, by the department of insurance, or equivalent agency, of
the state of domicile, or, for a domestic insurer, in conformity with
accounting practices prescribed or permitted in annual statements filed with
the commissioner, as provided under s.
Include all of the following:
(a) The report
of the independent certified public accountant.
(b) A balance sheet reporting admitted
assets, liabilities, capital and surplus.
(c) A statement of operations.
(d) A statement of cash flows.
(e) A statement of changes in capital and
(f) Notes to financial
statements. These notes shall be those required by the appropriate national
association of insurance commissioners' annual statement instructions and
accounting practices and procedures manual. The notes shall include a
reconciliation of differences, if any, between the audited statutory financial
statements and the annual statement filed pursuant to subch. II with a written
description of the nature of these differences.
(3) Include financial statements prepared in
a form and using language and groupings substantially the same as the relevant
sections of the annual statement of the insurer filed with the commissioner.
The financial statement shall be comparative, presenting the amounts as of
December 31 of the current year and the amounts as of the immediately preceding
December 31, except in the first year in which an insurer is required to file
an audited financial report, the comparative data may be omitted.
Wis. Admin. Code Office of the Commissioner of Insurance § Ins 50.06
Cr. Register, July,
1993, No. 451, eff. 8-1-93; CR 01-050: renum. (2) (f) (intro.) and am., r. (2)
(f) 1. and 2., Register October 2001 No. 550, eff.