Section 25N. Each group shall submit to the commissioner of insurance thirty days prior to the end of its policy year a performance report estimating total outstanding liability, including incurred but not reported claims, for that policy year.
Each group shall submit to the commissioner of insurance a statement of financial condition audited by an independent certified public accountant on or before the last day of the sixth month following the end of the group's fiscal year. Said financial statement shall be on a form prescribed by said commissioner and shall include, but not be limited to, actuarially appropriate reserves for known claims and expenses associated therewith, claims incurred but not reported and expenses associated therewith, reinsurance in force, unearned premiums, and bad debts, which reserves shall be known as liabilities.
The commissioner of insurance may prescribe the format and frequency of other reports which may include, but shall not be limited to, payroll audit reports, summary loss reports and quarterly financial statements.
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