Section 60. Filing of reports; examination by the Commission

A. Each pool shall file annually with the Commission and with the members of the pool on or before March 1, an annual financial statement for the most recently completed calendar year in a form acceptable to the Commission. The financial statement shall be considered filed on the date the statement was sent by mail as shown by the postmark. The Commission may prescribe the form of the annual statement. The Commission may extend a pool's deadline for filing annual statements not beyond April 30.

1. The financial statement shall contain a report in detail of the pool's assets, outstanding liabilities, including the amount of claims paid to date and current reserves for losses, revenues and disbursements during the year, the investments of the pool's assets and all other information which the Commission may deem necessary to secure a full and accurate knowledge of the financial affairs and condition of the pool. The working papers and other records pertaining to the preparation of the financial statements may be reviewed by the Commission.

2. The financial statement shall be signed on behalf of the pool by two duly authorized officers or a duly authorized officer and the administrator.

3. In addition to the annual financial statement, the Commission may require any pool to file additional financial information, including interim financial reports and additional reports, exhibits or statements considered necessary to secure complete information concerning the condition, solvency, experience, transactions or affairs of the pool. The Commission shall establish reasonable deadlines for filing these additional reports, exhibits or statements and may require verification as the Commission may designate.

B. The pool shall retain and have available for examination by the Commission all executed copies of the application of each owner or operator for membership in the pool.

C. Any person who knowingly or willfully makes or files any false or fraudulent statement, report or other instrument shall be charged with a Class 5 felony. If convicted, such person shall be guilty of a Class 5 felony.

D. The Commission may examine the affairs, transactions, accounts, records and assets of the pool as often as it deems necessary. The manner and frequency in which the examination of financial condition shall be conducted and the release of any reports of financial condition shall be as provided in Article 4 (§ 38.2-1317 et seq.) of Chapter 13 of Title 38.2 of the Code of Virginia.

Historical Notes

Derived from Regulation 33, Case No. INS890261, § 7, eff. September 1, 1989.

Statutory Authority

§ 62.1-44.34:12 of the Code of Virginia.