Section 50. General requirements related to filing and extensions for filing of annual Audited Financial Reports and Audit Committee appointment

A. All insurers shall have an annual audit by an accountant and shall file an Audited Financial Report with the commission on or before the applicable due date for the year ending the immediately preceding December 31.

The commission may require an insurer to file an Audited Financial Report earlier than the due date with 90 days advance notice to the insurer.

B. An extension of the due date filing date may be granted by the commission for periods of up to 30 days upon a showing by the insurer and its accountant of the reasons for requesting an extension and upon determination by the commission of good cause for an extension. The request for extension shall be submitted in writing not less than 10 days prior to the due date in sufficient detail to permit the commission to make an informed decision with respect to the requested extension.

C. If an extension is granted in accordance with the provisions of subsection B of this section, an extension of 30 days also is granted to the filing of Management's Reports of Internal Control over Financial Reporting.

D. An insurer required to file an annual Audited Financial Report pursuant to this chapter shall designate a group of individuals as constituting its Audit Committee. The Audit Committee of an entity that controls an insurer may be deemed to be the insurer's Audit Committee for purposes of this chapter at the election of the controlling person.

Historical Notes

Derived from Regulation 39, Case No. INS910072, § 6, 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.