Md. Code Regs. 31.12.06.04

Current through Register Vol. 51, No. 25, December 13, 2024

Section 31.12.06.04 - Annual and Interim Financial Reports

A. On or before March 1 of each year, each MCO operating under a contract with the Department shall file, in duplicate, a report that includes a consolidated financial statement.

B. The Commissioner may require interim statements of the MCOs, on such points as the Commissioner deems necessary and proper at any time during the period between the filing of annual statements.

C. The report shall:

(1) Cover the MCO and all of its affiliates and subsidiaries;

(2) Consist of the financial statements of the MCO, and all of its affiliates and subsidiaries, prepared in accordance with statutory accounting principles on a form approved by the Commissioner and certified by an independent certified public accountant as to the financial condition, transactions, and affairs of the MCO and its affiliates and subsidiaries for the immediately preceding calendar year;

(3) Provide a list of the total compensation from the MCO, including all cash and deferred compensation stock, and stock options in addition to salary, of each member of the board of directors of the MCO, and each senior officer of the MCO, or any subsidiary of the MCO, as designated by the Commissioner;

(4) Contain loss ratios for medical assistance business as required under Insurance Article, § 15-605, Annotated Code of Maryland;

(5) Be on the form adopted by the Commissioner;

(6) Be supplemented with a description of any changes in the information submitted with the last previous annual report or with the MCO's original application for financial compliance; and

(7) Provide any other information or documents necessary to assure compliance with Health-General Article, Title 15, Subtitle 1, Annotated Code of Maryland.

Md. Code Regs. 31.12.06.04

Regulations .04 adopted as an emergency provision effective November 8, 1996 (23:25 Md. R. 1730); adopted permanently effective February 10, 1997 (24:3 Md. R. 186)