Section 21.76.020 - Regulation by division of insurance and annual report(a) A joint insurance arrangement may not be considered insurance for the purpose of any other law of the state and is not subject to regulations adopted by the director.(b) By October 1 of each year, the administrator of a joint insurance arrangement shall prepare and deliver to the Legislative Budget and Audit Committee and the director a report showing the true and correct financial condition of the joint insurance arrangement. The report must(1) be attested to by the administrator and the board of directors;(2) include an analysis, certified by a member of the American Academy of Actuaries, of the sufficiency of the loss reserves; and(3) be certified by a certified public accountant.