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.
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.
211 CMR 26.05