§ 58-23-26. Financial monitoring and evaluation of pools.
§ 58‑23‑26. Financial monitoring and evaluation of pools.
(a) Each pool shallhave an annual audit by an independent certified public accountant, pursuant toPart 7 of Article 10 of this Chapter, at the expense of the pool, and shallmake a copy of the audit available to the governing body or chief executiveofficer of each member of the pool. A copy of the audit shall be filed with theCommissioner within 130 days after the end of the pool's fiscal year, unlessthat time is extended by the Commissioner. The annual audit shall report thefinancial position of the pool in conformity with statutory accountingpractices prescribed or permitted by the Commissioner.
(b) Each pool shallhave an actuarial evaluation of its loss and loss adjustment expense reserves,including reserves for loss and loss adjustment expenses incurred but notreported, performed annually by a qualified actuary. A copy of the evaluationshall be filed with the Commissioner along with the annual audit submittedpursuant to subsection (a) of this section. A "qualified actuary"shall be as defined or prescribed by the Commissioner.
(c) Each pool issubject to G.S. 58‑2‑131, 58‑2‑132, 58‑2‑133,58‑2‑134, 58‑2‑150, 58‑2‑155, 58‑2‑165,58‑2‑180, 58‑2‑185, 58‑2‑190, 58‑2‑200,58‑3‑71, 58‑3‑75, 58‑3‑81, 58‑3‑105,58‑6‑5, 58‑7‑21, 58‑7‑26, 58‑7‑30,58‑7‑31, 58‑7‑50, 58‑7‑55, 58‑7‑140,58‑7‑160, 58‑7‑162, 58‑7‑163, 58‑7‑165,58‑7‑167, 58‑7‑168, 58‑7‑170, 58‑7‑172,58‑7‑173, 58‑7‑175, 58‑7‑179, 58‑7‑180,58‑7‑183, 58‑7‑185, 58‑7‑187, 58‑7‑188,58‑7‑192, 58‑7‑193, 58‑7‑197, 58‑7‑200,Part 7 of Article 10, and Articles 13, 19, and 34 of this Chapter. Annualfinancial statements required by G.S. 58‑2‑165 shall be filed byeach pool within 60 days after the end of the pool's fiscal year, subject toextension by the Commissioner. (1993, c. 452, s. 39; c. 504, s. 45; 1999‑132,s. 11.4; 2001‑223, s. 8.10; 2003‑212, s. 12; 2009‑384, s. 2.)