375.1030. Annual audit required, report filed, when--extensions granted, when--audit committee required, when.
Annual audit required, report filed, when--extensions granted,when--audit committee required, when.
375.1030. 1. All insurers shall have an annual audit by anindependent certified public accountant and shall file an audited financialreport with the director on or before June first for the year endedDecember thirty-first immediately preceding. The director may require aninsurer to file an audited financial report earlier than June first withninety days' advance notice to the insurer.
2. Extensions of the June first filing date may be granted by thedirector for thirty-day periods upon a showing by the insurer and itsindependent certified public accountant of the reasons for requesting suchextension and determination by the director of good cause for an extension.The request for extension must be submitted in writing not less than tendays prior to the due date in sufficient detail to permit the director tomake an informed decision with respect to the requested extension.
3. If an extension is granted in accordance with the provisions ofsubsection 2 of this section, a similar extension of thirty days is grantedto the filing of management's report of internal control over financialreporting.
4. Every insurer required to file an annual audited financial reportunder sections 375.1025 to 375.1062 shall designate a group of individualsas constituting its audit committee, as defined in section 375.1025. Theaudit committee of an entity that controls an insurer may be deemed to bethe insurer's audit committee for purposes of sections 375.1025 to 375.1062at the election of the controlling person.
(L. 1991 H.B. 385, et al. § 4, A.L. 1992 H.B. 1574, A.L. 1993 H.B. 709, A.L. 2009 H.B. 577)