Section 760IAC1-51-6. Compilation and review

   (a) The reinsurance intermediary-manager shall contract with a certified public accountant for an annual compilation and review. The compilation shall include the following:

(1) A report by an independent certified public accountant.

(2) A balance sheet.

(3) A statement of income.

(4) A statement of cash flows.

(5) A statement of income and retained earnings.

(6) Verification by management, under oath, of the amount of reinsurance premiums written for the previous calendar year.

  (b) The insurer shall retain a copy of the compilation and review conducted under subsection (a) for each reinsurance intermediary-manager with whom the insurer has a contract.

  (c) The department of insurance shall retain authority to examine a reinsurance intermediary-manager notwithstanding termination of the reinsurance intermediary-manager's contractual authority. (Department of Insurance; 760 IAC 1-51-6; filed Jul 8, 1993, 10:00 a.m.: 16 IR 2562; readopted filed Sep 14, 2001, 12:22 p.m.: 25 IR 531; readopted filed Nov 27, 2007, 4:01 p.m.: 20071226-IR-760070717RFA; readopted filed Nov 26, 2013, 3:43 p.m.: 20131225-IR-760130479RFA)