Sec. 38a-54. Audited reports.
Sec. 38a-54. Audited reports. (a) Each domestic insurance company, health care
center or fraternal benefit society doing business in this state shall have an annual audit
conducted by an independent certified public accountant and shall annually file an
audited financial report with the commissioner, and electronically to the National Association of Insurance Commissioners on or before the first day of June for the year ending
the preceding December thirty-first. An electronically filed true and complete report
timely submitted to the National Association of Insurance Commissioners does not
exempt a domestic insurance company or health care center from timely filing a true
and complete paper copy to the commissioner.
(b) Each foreign insurance company or fraternal benefit society doing business in
this state shall have an annual audit conducted by an independent certified public accountant and shall annually file an audited financial report with the commissioner, and electronically to the National Association of Insurance Commissioners, on or before June
first for the year ending the preceding December thirty-first. An electronically filed
true and complete report timely submitted to the National Association of Insurance
Commissioners shall be deemed to have been submitted to the commissioner in accordance with the provisions of this section.
(c) The commissioner shall adopt regulations in accordance with the provisions of
chapter 54 to: (1) Specify the scope of the examination required by this section; (2)
specify the contents and scope of the annual audited financial report, provided such
report shall include all incurred losses; (3) provide for the review of the controls; (4)
provide for the availability to the commissioner of the workpapers of the certified public
accountant; and (5) provide exemptions from compliance with the requirements of this
section.
(P.A. 90-243, S. 168; P.A. 91-276, S. 3; P.A. 98-98, S. 4; P.A. 07-225, S. 2.)
History: P.A. 91-276 added a provision requiring the inclusion of all incurred losses in the annual audited financial
report; P.A. 98-98 amended Subsec. (a) to substitute "first day of June" for "thirtieth day of June" re the deadline for
filing financial reports, and substituted "the preceding December thirty-first" for "the thirty-first day of December next
preceding"; P.A. 07-225 amended Subsec. (a) to delete "On or after December 31, 1990,", to limit its application to domestic
insurance companies, to require electronic filing of audited financial reports with National Association of Insurance Commissioners and to require domestic insurance companies and health care centers to timely file a true and complete paper
copy of such report with commissioner, inserted new Subsec. (b) requiring foreign insurance companies to conduct and
file audited financial reports in same manner as specified in Subsec. (a), except for submission of paper copies to commissioner, and redesignated existing Subsec. (b) as Subsec. (c).