Ga. Comp. R. & Regs. R. 120-2-60-.05 - Contents of Annual Audited Financial Report
(1) The annual Audited financial report shall
report the financial position of the insurer as of the end of the most recent
calendar year and the results of its operations, cash flows and changes in
capital and surplus for the year then ended in conformity with statutory
accounting practices prescribed, or otherwise permitted, by the Department of
Insurance of the state of domicile.
(2) The annual Audited financial report shall
include the following:
(a) Report of
independent certified public accountant;
(b) Balance sheet reporting admitted assets,
liabilities, capital and surplus;
(c) Statement of operations;
(d) Statement of cash flows;
(e) Statement of changes in capital and
surplus;
(f) Notes to financial
statements. These notes shall be those required by the appropriate NAIC Annual
Statement Instructions and the NAIC Accounting Practices and Procedures Manual.
In addition these notes shall also include:
1.A reconciliation of differences, if any,
between the audited statutory financial statements and the Annual Statement
filed pursuant to O.C.G.A. Section
33-3-21 of the Georgia Insurance
Code with a written description of the nature of these differences;
2.A summary of ownership and relationships of
the insurer and all affiliated companies; and
(g) The financial statements included in the
Audited Financial Report shall be prepared in a form and using language and
groupings substantially the same as the relevant sections of the Annual
Statement of the insurer filed with the Commissioner, and the financial
statement shall be comparative, presenting the amounts as of December 31 of the
current year and the amounts as of the immediately preceding December 31.
(However, in the first year in which an insurer is required to file an audited
financial report, the comparative data may be omitted.)
Notes
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