Section 401.010 - Requirements for Financial Statements in Audited Financial Report(a) An accountant must audit the financial reports provided by an insurer or health maintenance organization for purposes of an audit under this subchapter. The accountant who audits the reports must conduct the audit in accordance with generally accepted auditing standards or with standards adopted by the Public Company Accounting Oversight Board, as applicable, and must consider the standards specified in the Financial Condition Examiner's Handbook adopted by the National Association of Insurance Commissioners or other analogous nationally recognized standards adopted by commissioner rule.(b) The financial statements included in the audited financial report must be prepared in a form and using language and groupings substantially the same as those of the relevant sections of the insurer's or health maintenance organization's annual statement filed with the commissioner. Beginning in the second year in which an insurer or health maintenance organization is required to file an audited financial report, the financial statements must also be comparative, presenting the amounts as of December 31 of the reported year and the amounts as of December 31 of the preceding year.Amended By Acts 2007, 80th Leg., R.S., Ch. 730, Sec. 3B.001(a), eff. 9/1/2007.Amended By Acts 2007, 80th Leg., R.S., Ch. 921, Sec. 9.001(a), eff. 9/1/2007.Added by Acts 2005, 79th Leg., Ch. 727, Sec. 1, eff. 4/1/2007.