Indiana § 27-1-3.5-7 Contents of report

Indiana Statutes

§ 27-1-3.5-7 — Contents of report

Indiana § 27-1-3.5-7

Title 27INSURANCE

Art. 1DEPARTMENT OF INSURANCE

Ch. 3.5Annual Audited Financial Reports

This text of Indiana § 27-1-3.5-7 (Contents of report) is published on Counsel Stack Legal Research, covering Indiana primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Ind. Code § 27-1-3.5-7 (2026).

Text

(a)The annual audited financial report filed by a domestic insurer under this chapter shall report:

(1)the financial position of the domestic insurer as of the end of the most recently ended calendar year; and

(2)the results of the domestic insurer's operations, cash flow, and changes in capital and surplus for that year; in conformity with statutory accounting practices prescribed, or otherwise permitted, by the department of insurance.

(b)The financial statements included in the annual audited financial report filed by a domestic insurer under this chapter shall be examined by an independent auditor. The independent auditor shall conduct its examination of the domestic insurer's financial statements in accordance with generally accepted auditing standards, and shall consider such oth

Free access — add to your briefcase to read the full text and ask questions with AI

(a) The annual audited financial report filed
by a domestic insurer under this chapter shall report:
(1) the financial position of the domestic insurer as of the end of
the most recently ended calendar year; and
(2) the results of the domestic insurer's operations, cash flow, and
changes in capital and surplus for that year;
in conformity with statutory accounting practices prescribed, or
otherwise permitted, by the department of insurance.
(b) The financial statements included in the annual audited financial
report filed by a domestic insurer under this chapter shall be examined
by an independent auditor. The independent auditor shall conduct its
examination of the domestic insurer's financial statements in
accordance with generally accepted auditing standards, and shall
consider such other procedures illustrated in the Financial Condition
Examiner's Handbook as the independent auditor considers necessary.
(c) An annual audited financial report filed by a domestic insurer
under this chapter must include the following:
(1) The report of the insurer's independent auditor.
(2) A balance sheet reporting admitted assets, liabilities, capital,
and surplus.
(3) A statement of operations.
(4) A statement of cash flow.
(5) A statement of changes in capital and surplus.
(6) Notes to financial statements. The notes must be those
required by the applicable Annual Statement Instructions and any
other notes required by statutory accounting practices, which must
include a reconciliation of differences, if any, between the
financial statements included in the audited financial report and
the annual statement filed by the insurer under IC 27-1-20-21,
including a written description of the nature of these differences.
(d) The financial statements included in a domestic insurer's audited
financial report shall be prepared in the same form, and using language
and groupings substantially the same, as the relevant sections of the
annual statement of the insurer filed with the commissioner under IC 27-1-20-21.
(e) The financial statements included in a domestic insurer's audited
financial report must be comparative, presenting the amounts as of
December 31 of the year of the report and comparative amounts as of
the immediately preceding December 31. However, in the first year in
which an insurer is required to file an audited financial report under
this chapter, the comparative data may be omitted.