§ 26.1-23.1-04 — Annual financial statements required - Confidentiality

North Dakota § 26.1-23.1-04

• Jurisdiction: North Dakota
• Title 26.1: Insurance
• Ch. 26.1-23.1: Government Self-Insurance Pools

Text

1. Every government self-insurance pool authorized by the insurance commissioner shall
file with the commissioner on or before March thirty-first of each year an audited
statement of its financial condition and business for the year ending on the preceding
December thirty-first. The financial statement must be audited by an independent
certified public accountant and the financial statement must be in a form prescribed or
approved by the commissioner. The financial statement must be verified by the
signature and oath of the pool's authorized representative. If a self-insurance pool fails
to provide for the audited financial statement required by this section, the insurance
commissioner shall have the audit performed at the expense of the pool. All working
papers of the commissioner's staff are confidential and not open for public inspection
until the report is final unless the commissioner declares that the material or any part
of the material is not confidential. If a self-insured pool is found to be in a deficit
condition, the pool shall file a financial plan acceptable to the commissioner to correct
the deficit condition.
2. At least triennially, and at such other times as the insurance commissioner deems
necessary, the commissioner shall inspect and examine the affairs of every
government self-insurance pool. The commissioner shall conduct examinations of
each self-insured government pool and all expenses and costs relating to the
examination must be paid by the pool.
3. The insurance commissioner shall monitor the financial solvency of government
self-insurance pools to ensure that a pool's liabilities for claims, present and
contingent, and other expenses are at no time greater than the pool's assets. The
commissioner may enjoin a self-insured government pool from conducting further
business or take other appropriate regulatory action whenever in the commissioner's
judgment a pool is insolvent or otherwise financially impaired.