(a) The financial position of the insurer as of the end of the most recent calendar year; and
(b) The results of the insurer’s operations, cash flows and changes in capital and surplus for the year then ended.
(2) The director shall adopt rules with respect to the following matters as needed for carrying out the requirements of this section:
(a) Required contents and format of the audited financial report.
(b) Requirements for filing the report.
(c) Requirements applicable to qualifications and designation of certified public accountants for purposes of audits under this section. The requirements may include limitations on length of service for certified public accountants and may permit recognition of accountants comparably qualified under the laws of another country.
(d) Requirements applicable to evaluation of the accounting procedures of an insurer and its system of internal control by a certified public accountant.
(e) Standards governing the scope and preparation of the audit.
(f) Requirements and procedures relating to the reporting of the adverse financial condition of an insurer by a certified public accountant.
(g) Requirements and procedures relating to the reporting of significant deficiencies for internal controls of an insurer.
(h) Exemptions.
(i) Any other matter that the director determines to be needed for preparation of or inclusion in the financial report. [1991 c.401 §15]
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