Section 760IAC1-78-7. Consolidated or combined audits

   (a) An insurer may make written application to the commissioner for approval to file audited consolidated or combined financial statements in lieu of separate annual audited financial statements if the insurer:

(1) 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

(2) cedes all of its direct and assumed business to the pool.

  (b) If an insurer makes written application to the commissioner under subsection (a), a columnar consolidating or combining worksheet shall be filed with the report containing the following information:

(1) Amounts shown on the consolidated or combined audited financial report.

(2) Amounts for each insurer subject to this section, stated separately.

(3) Noninsurance operations, on a combined or individual basis.

(4) Explanations of consolidating and eliminating entries.

(5) A reconciliation of any differences between the amounts shown in the individual insurer columns of the worksheet and comparable amounts shown on the annual statements of the insurers.

(Department of Insurance; 760 IAC 1-78-7; filed Oct 27, 2009, 2:52 p.m.: 20091125-IR-760090376FRA; readopted filed Nov 20, 2015, 9:25 a.m.: 20151216-IR-760150341RFA)