Maine § 24-A §6707 Financial statements and other reports

Maine Statutes

§ 24-A §6707 — Financial statements and other reports

Maine·Title 24-A MAINE INSURANCE CODE·Ch. 83 CAPTIVE INSURANCE COMPANIES

1.Financial statement. A captive insurance company shall submit an annual statement of financial condition audited by an independent certified public accountant to the superintendent on or before the last day of the 6th month following the end of the company's fiscal year.

2.Annual and quarterly statements. An association captive insurance company or industrial insured captive insurance company shall file annual and quarterly statements in accordance with statutory accounting principles, each of which must be a true statement of its financial condition, transactions and affairs, substantially similar to the statements required under sections 423 and 423‑A for insurance companies certified under section 414, in general form and context as approved by the National Association of Insurance

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1.
Financial statement.
A captive insurance company shall submit an annual statement of financial condition audited by an independent certified public accountant to the superintendent on or before the last day of the 6th month following the end of the company's fiscal year.
2.
Annual and quarterly statements.
An association captive insurance company or industrial insured captive insurance company shall file annual and quarterly statements in accordance with statutory accounting principles, each of which must be a true statement of its financial condition, transactions and affairs, substantially similar to the statements required under sections 423 and 423‑A for insurance companies certified under section 414, in general form and context as approved by the National Association of Insurance Commissioners, or other format prescribed by the superintendent, verified by oaths of at least 2 of the insurer's principal officers.
3.
Reserves.
The statements required under subsections 1 and 2 must include, but are not limited to, actuarially appropriate reserves for:
4.
Other reports.
The superintendent may prescribe the format and frequency of other reports, which may include, but are not limited to, summary loss reports, material transaction reports and interim financial statements.

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