760 IAC 5-2-2 - Financial statement
Authority: IC 27-1-24.5-20
Affected: IC 27-1-24.5-20
Sec. 2.
(a) An
application for issuance of a license or renewal of a license must be
accompanied by an applicant's current audited annual financial statements
prepared by an independent certified public accountant in accordance with
generally accepted accounting principles reflecting a positive net worth, and
additional information determined by the commissioner to be necessary for a
review of the current financial condition of the applicant to determine
compliance with IC 27-1-24.5 or requirements of this rule. Financial
information and proprietary information submitted by an applicant to the
department is confidential under IC 27-1-24.5-20.
(b) An applicant for a license or renewal of
a license may make written application to the commissioner for approval to file
audited consolidated or combined financial statements instead of separate
annual audited financial statements. If an applicant makes written application
to the commissioner under this subsection, the statement must include a
columnar consolidating or combining worksheet that includes the amounts shown
on the consolidated audited financial statement, separately reported on the
worksheet for each entity included on the statement, and an explanation of
consolidating and eliminating entries.
Notes
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