1. Except as otherwise provided in subsection 5, every:

(a) Domestic insurer;

(b) Fraternal benefit society authorized to do business in this State pursuant to chapter 695A of NRS; and

(c) Corporation subject to the provisions of chapter 695B of NRS,

shall file with the Commissioner, on or before June 1 of each year, a financial statement as of December 31 of the preceding calendar year that is certified by a certified public accountant who is not an employee of the insurer. The Commissioner may request a financial statement from a foreign or alien insurer.

2. If a certified public accountant finds any violation of the laws of this State during any audit he or she conducts pursuant to subsection 1, the certified public accountant shall, if the Commissioner has adopted regulations pursuant to subsection 6 pertaining to the reporting of a violation found during an audit, report the violation in accordance with those regulations.

3. An insurer who does not file a report pursuant to subsection 1 on or before June 1 of each year is subject to the penalty imposed pursuant to NRS 680A.280.

4. A statement filed with the Commissioner must not be a consolidated report with any other subsidiary, affiliate or parent company.

5. The provisions of this section do not apply to a domestic insurer who:

(a) Is not licensed or authorized to do business in any state other than Nevada; or

(b) Is exempted from the requirements of this section by order of the Commissioner for good cause shown.

6. The Commissioner may adopt reasonable regulations relating to annual audited financial reports to administer the provisions of this section.

(Added to NRS by 1991, 2026; A 1995, 1755)