Illinois Administrative Code
Title 50 - INSURANCE
Part 925 - ANNUAL FINANCIAL REPORTING
Section 925.80 - Consolidated or Combined Audits
Current through Register Vol. 48, No. 12, March 22, 2024
a) An insurer may make written application to the Director for approval to file a consolidated or combined annual audited financial report in lieu of separate annual audited financial reports if the insurer is part of a group of insurance companies which utilizes a pooling or 100% reinsurance agreement that affects the solvency and integrity of the insurer's reserves and the insurer cedes all of its direct and assumed business to the pool. In these cases, a columnar consolidating or combining worksheet shall be bound into and filed with the report as follows:
b) The Director shall require any insurer to file separate annual audited financial reports although permission had previously been given to file on a consolidated or combined basis if the Director determines the reasons and/or circumstances given for approval of the consolidated audit, pursuant to subsection (a), no longer exist.