Code of Maine Rules
02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION
031 - BUREAU OF INSURANCE
Chapter 235 - ANNUAL AUDITED FINANCIAL REPORTS
Section 031-235-3 - Contents of Annual Audited Financial Report

Universal Citation: 02 ME Code Rules ยง 031-235-3

Current through 2024-38, September 18, 2024

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. Financial statements, opinions, and reports filed pursuant to this Rule must be prepared in conformity with the statutory accounting practices prescribed or permitted by the insurance supervisory official of the insurer's state of domicile for insurers' regulatory financial statements, with due consideration given to the procedures illustrated in the Financial Condition Examiners Handbook or its successor publication promulgated by the National Association of Insurance Commissioners.

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 Superintendent. The financial statements shall be comparative, presenting the amounts as of December 31 of the most recent year and the amounts as of the immediately preceding December 31, except for newly formed insurers for which comparative data does not exist. The annual audited financial report shall include the following:

A. Narrative "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; and F. Notes to financial statements, as required by the appropriate NAIC Annual Statement Instructions and the NAIC Accounting Practices and Procedures Manual.The notes shall include a reconciliation of differences, if any, between the audited statutory financial statements and the annual statement filed pursuant to 24-A M.R.S.A. §423, with a written description of the nature of these differences.

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