§ 97-180. Reporting and records.
§ 97‑180. Reporting andrecords.
(a) Every self‑insurershall submit, within 120 days after the end of its fiscal year, a certifiedaudited financial statement, prepared by a CPA or submitted by a foreignregistered public accounting firm, for that fiscal year. The financialstatement presentation shall facilitate the application of ratio and trendanalysis. If the self‑insurer was issued a license pursuant to G.S. 97‑177,the financial statement required under this subsection shall be that of theguarantor.
(b) Every self‑insurershall submit within 120 days after the end of its fiscal year a report from aqualified actuary setting forth an opinion certifying the loss and lossadjustment expense reserves for workers' compensation obligations in NorthCarolina. The report shall show liabilities, excess insurance carrier and otherqualifying credits, if any, and net retained workers' compensation liabilities.
(c) Every self‑insurershall submit within 120 days after the end of its fiscal year a report in the formof a sworn statement prescribed by the Commissioner, setting forth the totalworkers' compensation benefits paid in the previous fiscal year, and the totaloutstanding workers' compensation liabilities for each loss year, recorded atthe close of its fiscal year for the net retained liability.
(d) Upon the request ofthe Commissioner, every self‑insurer shall submit a report of its annualpayroll information. The report shall summarize payroll, by annual amount paid,and the number of employees, by classification, using the rules,classifications, and rates in the most recently approved Workers' Compensationand Employers' Liability Insurance Manual governing the audits of payrolls andthe adjustments of premiums. Every self‑insurer shall maintain true andaccurate payroll records. These payroll records shall be maintained to allowfor verification of the completeness and accuracy of the annual payroll report.
(e) Every self‑insurershall report promptly to the Commissioner changes in the name or address of theself‑insurer or guarantor; significant changes in the financial conditionof the self‑insurer, guarantor, or any affiliate, including bankruptcyfilings; and changes in its organizational structure, including itssubsidiaries and affiliates. Any change shall be reported in writing to theCommissioner within 10 days after the effective date of the change. Uponrequest by the Commissioner, a self‑insurer shall provide theCommissioner copies of documents or information deemed necessary to determinewhether any change has affected the privilege of the employer to self‑insure. (1997‑362,s. 4; 1999‑132, ss. 13.8, 13.9; 2005‑400, s. 12; 2009‑172, s.7.)