California Code of Regulations
Title 10 - Investment
Chapter 5 - Insurance Commissioner
Subchapter 3 - Insurers
Article 3.3 - Annual Financial Reporting
Section 2309.4 - General Requirements Related to Filing and Extensions for Filing of Annual Audited Financial Reports and Audit Committee Appointment
Current through Register 2024 Notice Reg. No. 38, September 20, 2024
(a) All insurers shall have an annual audit by an independent certified public accountant and shall file an audited financial report with the commissioner on or before June 1 for the year ended December 31 immediately preceding. The commissioner may require an insurer to file an audited financial report earlier than June 1 with ninety (90) days advance notice to the insurer.
(b) Extensions may be permitted as allowed by the statute governing audit reports.
(c) Extension(s) of the June 1 filing date of the Management's Report of Internal Control over Financial Reporting shall be granted commensurate with any extension(s) pursuant to Section 2309.4(b).
(d) Every insurer required to file an annual audited financial report pursuant to these regulations shall designate a group of individuals as constituting its Audit Committee, as defined in Section 2309.3. The Audit Committee of an entity that controls an insurer may be deemed to be the insurer's Audit Committee for purposes of these regulations at the election of the controlling person.
1. New section filed 12-7-2009; operative 1-1-2010 pursuant to Government Code section 11343.4 (Register 2009, No. 50).
Note: Authority cited: Section 900.2, Insurance Code. Reference: Section 900.2, Insurance Code.
