S.C. Code Regs. § § 67-1510

Current through Register Vol. 48, 12, December 27, 2024

Section 67-1510 - Financial Analysis and Reports

A. A self-insured employer shall file audited financial statements, prepared in accordance with generally accepted accounting principles, or the United States Securities & Exchange Commission's Form 10K with the Self-Insurance Division within ninety days following the close of each fiscal year for analysis of the self-insurer's financial condition. In lieu of audited financial statements, a self-insured employer may provide the sworn statement or affidavit from an independent auditor as provided in R.67-1501A(2).

B. Each self-insurance fund shall file with the Self-Insurance Division a Form 11, Self-Insurer's Quarterly Financial Report, or equivalent financial report, immediately after each quarter of its fiscal year. Each self-insurance fund also shall file with the Self-Insurance Division audited financial statements, prepared in accordance with generally accepted accounting principles within one hundred twenty days following the close of each fiscal year.

C. A sixty day extension of time in which to file a Quarterly Financial Report or Annual Audited Financial Statements may be requested by writing the Self-Insurance Division.

D. Failure to file timely the forms referred to above may result in the institution of revocation proceedings.

S.C. Code Regs. § 67-1510

Amended by State Register Volume 19, Issue No. 7, eff July 28, 1995; State Register Volume 22, Issue No. 6, Part 3, eff June 26, 1998; State Register Volume 30, Issue No. 5, eff May 26, 2006.