§ 23-76-113 — Annual report and quarterly report

(a) A health maintenance organization shall annually on or before March 1 file a report verified by at least two (2) principal officers with the Insurance Commissioner covering the preceding calendar year. (b) (1) The report shall be on forms prescribed by the commissioner. (2) For the report to be filed March 1, 2002, and annually thereafter, the annual report prescribed by the commissioner shall be the current edition published by the National Association of Insurance Commissioners of the Annual Statement Blank For Health, that shall be prepared in accordance with the National Association of Insurance Commissioners' Annual Statement Instructions For Health and shall follow those accounting practices and procedures prescribed and published in the current edition of the National Association of Insurance Commissioners' Accounting Practices and Procedures Manual. (3) Each authorized health maintenance organization shall furnish all information as called for by the National Association of Insurance Commissioners' Annual Statement Blank For Health. Further, it shall be verified by oath or affirmation of the health maintenance organization's president or vice president and secretary or actuary. (4) The commissioner shall furnish to each domestic health maintenance organization two (2) copies of the forms on which the annual statement is to be made. (5) The annual report shall include: (A) An annual audited financial report certified by an independent certified public accountant; (B) Any material changes in the information submitted pursuant to § 23-76-107(c) ; (C) The number of persons enrolled during the year, the number of enrollees as of the end of the year, and the number of enrollments terminated during the year; (D) A summary of information compiled pursuant to § 23-76-108 in the form required by the commissioner; and (E) Any other information on an annual, quarterly, or more frequent basis as the commissioner shall prescribe, relating to the performance of the health maintenance organization, that is necessary to enable the commissioner to carry out his or her duties under this chapter. (c) Any health maintenance organization that fails to file the annual, quarterly, or any required financial or other report when due may be subject to a penalty of one hundred dollars ($100) for each day of delinquency in the commissioner's discretion, or unless the penalty is waived by the commissioner upon a showing of good cause by the health maintenance organization. (d) (1) (A) Beginning on and after January 1, 2000, each authorized health maintenance organization shall prepare and file with the commissioner a quarterly financial report on forms and at such times as shall be prescribed by the commissioner. (B) For the reports to be filed January 1, 2002, and quarterly reports thereafter, the quarterly financial report shall be the current edition, published by the National Association of Insurance Commissioners, of the Quarterly Statement Blank For Health, that shall be prepared in accordance with the National Association of Insurance Commissioners' Quarterly Statement Instructions For Health and shall follow those accounting procedures and practices prescribed by the National Association of Insurance Commissioners' Accounting Practices And Procedures Manual. (2) The quarterly statement shall be verified by the officers of the health maintenance organization as required by the current edition, published by the National Association of Insurance Commissioners, of the quarterly statement instructions as a companion to the reporting form prescribed by the commissioner.

Legislative History

Amended by Act 2013, No. 1433,§ 5, eff. 8/16/2013. Amended by Act 2013, No. 1433,§ 4, eff. 8/16/2013. Acts 1975, No. 454, § 9; A.S.A. 1947, § 66-5209; Acts 1989, No. 772, § 16; 1999, No. 301, § 2; 2001, No. 1605, §§ 9, 10.