The annual audited financial report shall report the financial position of the insurer as of the end of the most recent calendar year and the results of its operations, cash flow, and changes in capital and surplus for the year then ended in conformity with statutory accounting practices prescribed, or otherwise permitted, by the jurisdiction where it is domiciled. The annual audited financial report shall include the following:
(1)Report of an independent certified public accountant;
(2)Balance sheet reporting admitted assets, liabilities, capital, and surplus;
(3)Statement of operations;
(4)Statement of cash flows;
(5)Statement of changes in capital and surplus;
(6)Notes to the financial statements, which shall:
(A)Be those required by the appropriate NAIC annual statemen
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The annual audited financial report shall report the financial position of the insurer as of the end of the most recent calendar year and the results of its operations, cash flow, and changes in capital and surplus for the year then ended in conformity with statutory accounting practices prescribed, or otherwise permitted, by the jurisdiction where it is domiciled. The annual audited financial report shall include the following:
(1) Report of an independent certified public accountant;
(2) Balance sheet reporting admitted assets, liabilities, capital, and surplus;
(3) Statement of operations;
(4) Statement of cash flows;
(5) Statement of changes in capital and surplus;
(6) Notes to the financial statements, which shall:
(A) Be those required by the appropriate NAIC annual statement instructions and the NAIC Accounting Practices and Procedures Manual; and
(B) Include a reconciliation of differences, if any, between the audited statutory financial statement and the annual statement filed pursuant to Chapter 19 of this title [ § 31-1901 et seq.], and a written description of the nature of these differences; and
(7) The financial statements included in the audited financial report shall be prepared in a form and using language and groupings substantially the same as the relevant sections of the annual statement of the insurer filed with the Mayor, and the financial statement shall be comparative, presenting the amounts as of December 31st of the current year and the amounts as of the immediately preceding December 31st. However, in the first year in which an insurer is required to file an audited financial report, the comparative data may be omitted.