§ 31-302 — General requirements for filing audited financial reports and audit committee appointments; extensions.

District of Columbia § 31-302

• Jurisdiction: District of Columbia
• Title 31: Insurance and Securities.
• Ch. 3: Annual Audited Financial Reports.

Text

(a) All insurers shall have an annual audit prepared by an independent certified public accountant and shall file an audited financial report with the Mayor on or before June 1st for the year ended December 31st immediately preceding. The Mayor may require an insurer to file an audited financial report earlier than June 1st with 90 days advance notice to the insurer.

(b) Extensions of the June 1st filing date may be granted by the Mayor for 30-day periods upon showing by the insurer and its independent certified public accountant the reasons for requesting the extension and determination by the Mayor of good cause for an extension. The request for extension must be submitted in writing not less than 10 days prior to the due date in sufficient detail to permit the Mayor to make an informed decision with respect to the requested extension.

(c) If an extension is granted in accordance with the provisions in subsection (b) of this section, an extension for the same 30-day period shall be granted for the filing of a management’s report of internal control over financial reporting.

(d) An insurer required to file an annual audited financial report pursuant to this chapter shall establish an audit committee. If the insurer is controlled by a controlling person or entity, the audit committee of the controlling entity, in compliance with § 31-311.01(e) , may serve as the audit committee for the subject insurer for purposes of this chapter.

Legislative History

Oct. 21, 1993, D.C. Law 10-48, § 3, 40 DCR 6102; Mar. 12, 2011, D.C. Law 18-317, § 2(b), 57 DCR 12418