§ 26-3-303 — General requirements related to filing and extensions for filing of annual audited financial reports; audit committee appointment

(a) All insurers shall have an annual audit by an
independent certified public accountant and shall file an
audited financial report with the commissioner on or before June
1 for the immediately preceding calendar year. The commissioner
may require an insurer to file an audited financial report
earlier than June 1 with ninety (90) days advance notice to the
insurer.
(b) Extensions of the June 1 filing date may be granted by
the commissioner for thirty (30) day periods upon a showing by
the insurer and its independent certified public accountant of
the reasons for requesting the extension and a determination by
the commissioner there is good cause for an extension. The
request for extension shall be submitted in writing not less
than ten (10) days prior to the due date in sufficient detail to
permit the commissioner to make an informed decision with
respect to the requested extension.
(c) If an extension is granted in accordance with
subsection (b) of this section, a similar extension of thirty
(30) days is granted to the filing of the management's report of
internal control over financial reporting.
(d) Every insurer required to file an annual audited
financial report pursuant to this section shall designate a
group of individuals as constituting its audit committee. The
audit committee of an entity that controls an insurer may be
deemed to be the insurer's audit committee for purposes of this
article at the election of the controlling person.