Section 26.05 - General Requirements Related to Filing and Extensions for Filing of Annual Audited Financial Reports and Audit Committee Appointment(1)Filing. All insurers 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 1st for the year ended December 31st immediately preceding. The Commissioner may require an insurer to file an Audited financial report earlier than June 1st with 90 days advance notice to the insurer. The annual Audited financial report shall be considered part of the insurer's annual statement filing, except as to the due dates provided in 211 CMR 26.00, as provided by M.G.L. c. 175, § 25 and shall be subject to the penalties provided by M.G.L. c. 175, § 26.
(2)Extensions. Extensions of the June 1st 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 such extension and determination by the Commissioner of good cause for an extension. The request for any extension must be submitted in writing not less than ten days prior to the due date of the Audited financial report in sufficient detail to permit the Commissioner to make an informed decision with respect to the requested extension. If an extension is granted, a similar extension of 30 days shall be allowed for the filing of the Management's Report of Internal Control over Financial Reporting.
Every insurer required to file an annual Audited financial report pursuant to this regulation shall designate a group of individuals as its Audit committee, as defined in 211 CMR 26.04. The Audit committee of an entity that controls an insurer may be deemed to be the insurer's Audit committee for purposes of 211 CMR 26.00 at the election of the controlling person.
Amended by Mass Register Issue 1408, eff. 1/10/2020.