Section 760 IAC 1-78-7 - Consolidated or combined auditsAuthority: IC 27-1-3-7
Affected: IC 27-1-3.5
Sec. 7.
(a) An insurer may make written application to the commissioner for approval to file audited consolidated or combined financial statements in lieu of separate annual audited financial statements if the insurer: (1) is part of a group of insurance companies that utilizes a pooling or one hundred percent (100%) reinsurance agreement that affects the solvency and integrity of the insurer's reserves; and(2) cedes all of its direct and assumed business to the pool.(b) If an insurer makes written application to the commissioner under subsection (a), a columnar consolidating or combining worksheet shall be filed with the report containing the following information: (1) Amounts shown on the consolidated or combined audited financial report.(2) Amounts for each insurer subject to this section, stated separately.(3) Noninsurance operations, on a combined or individual basis.(4) Explanations of consolidating and eliminating entries.(5) A reconciliation of any differences between the amounts shown in the individual insurer columns of the worksheet and comparable amounts shown on the annual statements of the insurers.Department of Insurance; 760 IAC 1-78-7; filed Oct 27, 2009, 2:52 p.m.: 20091125-IR-760090376FRAReadopted filed 11/20/2015, 9:25 a.m.: 20151216-IR-760150341RFAReadopted filed 11/15/2021, 8:32 a.m.: 20211215-IR-760210419RFA