§ 27-1-3.5-10 — Consolidated returns

Indiana § 27-1-3.5-10

• Jurisdiction: Indiana
• Title 27: INSURANCE
• Art. 1: DEPARTMENT OF INSURANCE
• Ch. 3.5: Annual Audited Financial Reports

Text

A domestic insurer may apply in writing to
the commissioner for approval to satisfy the requirements of this
chapter by filing audited consolidated or combined financial statements
instead of separate annual audited financial statements if the insurer is
part of a group of insurance companies that utilizes a pooling or one
hundred percent (100%) reinsurance agreement that affects the
solvency and integrity of the insurer's reserves and the insurer cedes all
of the insurer's direct and assumed business to the pool. If a domestic
insurer whose application is approved elects to file a consolidated
return, the insurer shall file, with its financial statements, a columnar
consolidating or combining schedule, which must meet the following
requirements:
(1) Amounts shown on the consolidated or combined audited
financial report shall be shown on the schedule.
(2) Amounts for each insurer subject to this section shall be stated
separately.
(3) Noninsurance operations shall be shown on the schedule on an
individual basis.
(4) Explanations of consolidating and eliminating entries shall be
included.
(5) A reconciliation shall be included of any differences between
the amounts shown in the individual insurer columns of the
schedule and comparable amounts shown on the annual
statements of the insurers.

Legislative History

As added by P.L.244-1989, SEC.2. Amended by P.L.130-1994, SEC.13; P.L.116-1994, SEC.17.