Compilation of Rules and Regulations of the State of Georgia
Department 120 - OFFICE OF COMMISSIONER OF INSURANCE, SAFETY FIRE COMMISSIONER AND INDUSTRIAL LOAN COMMISSIONER
Chapter 120-2 - RULES OF COMMISSIONER OF INSURANCE
Subject 120-2-60 - CPA ANNUAL AUDITED FINANCIAL REPORTS
Rule 120-2-60-.05 - Contents of Annual Audited Financial Report
Universal Citation: GA Rules and Regs r 120-2-60-.05
Current through Rules and Regulations filed through March 20, 2024
(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.)
O.C.G.A. Secs. 33-2-9, 33-3-21.
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