N.J. Admin. Code § 11:2-26.4

Current through Register Vol. 56, No. 21, November 4, 2024

Section 11:2-26.4 - Filing of annual audited financial reports; extensions for filing of annual audited financial reports and audit committee appointment

(a) All insurers (unless exempted pursuant to N.J.A.C. 11:2-26.18) shall have an annual audit by an independent certified public accountant and shall file an audited financial report with the Commissioner on or before June 1 for the year ended December 31 immediately preceding. The Commissioner may require an insurer to file an audited financial report earlier than June 1 upon 90 days advance written notice to the insurer.

(b) Extensions of the June 1 filing date may be granted by the Commissioner for 30 day periods upon showing by the insurer and its independent certified public accountant the reasons for requesting such extension and determination by the Commissioner of good cause for an extension. The request for an extension must be submitted in writing not less than 10 days prior to the due date of the financial report in sufficient detail to permit the Commissioner to make an informed decision with respect to the requested extension.

(c) If an extension is granted in accordance with the provisions in (b) above, a similar extension of 30 days is granted for the filing of management's report of internal control over financial reporting.

(d) Every insurer required to file an annual audited financial report pursuant to this subchapter shall designate a group of individuals as constituting its audit committee as that term is defined in 11:2-26.3. The audit committee of an entity that controls an insurer may be deemed to be the insurer's audit committee for purposes of this subchapter at the election of the controlling person.

N.J. Admin. Code § 11:2-26.4

Amended by R.1993 d.68, effective 2/1/1993.
See: 24 N.J.R. 1940(a), 24 N.J.R. 2708(a), 25 N.J.R. 588(a).
Filing date changed to June 1, or earlier, if 90 day notice is given to the filer.
Amended by R.2010 d.026, effective 1/19/2010.
See: 41 N.J.R. 3364(a), 42 N.J.R. 486(b).
Section was "Final of annual audited financial reports; extensions". In (a), updated the N.J.A.C. reference; and added (c) and (d).

Amended by 53 N.J.R. 1085(b), effective 6/21/2021