Iowa Admin. Code r. 191-103.9

Current through Register Vol. 47, No. 13, December 25, 2024

Rule 191-103.9 - Financial statements and calculation of net worth

(1) All financial statements, including balance statements, filed pursuant to or prepared for purposes of Iowa Code chapter 523C as amended by 2019 Iowa Acts, Senate File 619, or this chapter shall be prepared in accordance with generally accepted accounting principles and certified by an independent certified public accountant.

(2) For purposes of Iowa Code section 523C.5 as enacted by 2019 Iowa Acts, Senate File 619, section 5, "net worth" means the excess of all assets over liabilities, and any required reserves shall be treated as a liability rather than as an asset.

Adopted by IAB April 29, 2015/Volume XXXVII, Number 22, effective 6/3/2015

Rescinded by IAB November 25, 2015/Volume XXXVIII, Number 11, effective 12/30/2015

Adopted by IAB September 28, 2016/Volume XXXIX, Number 07, effective 11/2/2016

Amended by IAB June 19, 2019/Volume XLI, Number 26, effective 5/20/2019

Amended by IAB September 25, 2019/Volume XLII, Number 7, effective 10/30/2019