Code of Maine Rules
02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION
031 - BUREAU OF INSURANCE
Chapter 235 - ANNUAL AUDITED FINANCIAL REPORTS
Section 031-235-18 - Foreign and Alien Insurers

Universal Citation: 02 ME Code Rules ยง 031-235-18

Current through 2024-38, September 18, 2024

A. Foreign or alien insurers filing audited financial reports and internal control reports in another state in compliance with that state's requirements are exempt from all other requirements of this Rule as long as:

(1) The Superintendent has determined that the other state's requirements for audited financial reports, internal control reporting, and audit committee independence are substantially similar to the requirements of this Rule;

(2) A copy of the Audited Financial Report, Communication of Internal Control Related Matters Noted in an Audit, and the Accountant's Letter of Qualifications that are filed with the other state are filed with the Superintendent, or filed with the National Association of Insurance Commissioners and made available to the Superintendent on request, in accordance with the filing dates specified in this Rule; and

(3) A copy of any Notification of Adverse Financial Condition Report filed with the other state is filed with the Superintendent within the time specified in Section 9 of this Rule.

B. If the other state has substantially similar audited financial report requirements but does not have substantially similar internal control report requirements, and the requirements of Subsection A have otherwise been satisfied, then the exemption otherwise available under this Section does not apply to the Management's Report of Internal Control, which must comply with the applicable provisions of this Rule except that it need not be filed directly with the Superintendent if it is included with the insurer's filed audited financial report.

C. By asserting an exemption under this Section, an insurer represents that the Superintendent may rely on the documents filed with the other state and acknowledges that any material violation of the applicable reporting requirements constitutes a violation of this Rule and any other applicable Maine law.

D. In the case of Canadian and British insurers, the annual audited financial report shall be defined as the annual statement of total business on the form filed by such companies with their domiciliary supervision authority duly audited by an independent chartered accountant. For such insurers, the letter required in Section 5 shall state that the accountant is aware of the requirements relating to the annual audited statement filed with the Superintendent pursuant to this Rule and shall affirm that the opinion expressed is in conformity with those requirements. A report filed by a Canadian insurer with the appropriate Canadian regulator shall be considered filed with another state for purposes of this Section.

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