§ 58-10-195. General requirements related to filing and extensions for filing of annual audited financial reports and audit committee appointment.
§ 58‑10‑195. General requirements related to filing and extensions for filing of annualaudited financial reports and audit committee appointment.
(a) All insurers shallhave an annual audit by an independent certified public accountant and shallfile an audited financial report with the Commissioner on or before June 1 forthe year ended December 31 immediately preceding. The Commissioner may requirean insurer to file an audited financial report earlier than June 1 with 90days' advance notice to the insurer.
(b) Extensions of theJune 1 filing date may be granted by the Commissioner for 30‑day periodsupon a showing by the insurer and its independent certified public accountantof the reasons for requesting an extension and determination by the Commissionerof good cause for an extension. The request for extension must be received inwriting not less than 10 days before the due date and in sufficient detail topermit the Commissioner to make an informed decision with respect to therequested extension.
(c) If an extension isgranted in accordance with the provisions in subsection (b) of this section, asimilar extension of 30 days is granted to the filing of management's report ofinternal control over financial reporting.
(d) Every insurerrequired to file an annual audited financial report pursuant to this Part shalldesignate a group of individuals as constituting its audit committee, asdefined in G.S. 58‑10‑190. The audit committee of an entity thatcontrols an insurer may be deemed to be the insurer's audit committee at theelection of the controlling person. (2009‑384, s. 1.)