Section 10. Purpose

Latest version.

The purpose of this chapter is to improve the commission's surveillance of the financial condition of licensed companies by requiring (i) an annual audit of financial statements reporting the financial position and the results of operations of insurers by an independent certified public accountant, (ii) Communicating Internal Control Related Matters Identified in an Audit, and (iii) Management's Report of Internal Control over Financial Reporting.

Historical Notes

Derived from Regulation 39, Case No. INS910072, § 2, eff. September 1, 1991; amended, Volume 24, Issue 12, eff. January 1, 2010.

Statutory Authority

§§ 12.1-13 and 38.2-223 of the Code of Virginia.

                    
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