New Jersey Administrative Code
Title 11 - INSURANCE
Chapter 2 - INSURANCE GROUP
Subchapter 26 - ANNUAL FINANCIAL REPORTING
Section 11:2-26.5 - Contents of annual audited financial report
Universal Citation: NJ Admin Code 11:2-26.5
Current through Register Vol. 56, No. 6, March 18, 2024
(a) The annual audited financial report shall reflect 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 such calendar year in conformity with statutory accounting practices prescribed, or otherwise permitted, by the Department.
(b) The annual audited financial report shall include:
1. A report of an independent certified
public accountant;
2. A balance
sheet reporting admitted assets, liabilities, capital and surplus;
3. A statement of operations;
4. A statement of cash flows;
5. A statement of changes in capital and
surplus; and
6. Notes to financial
statements. These notes shall be those required by the appropriate National
Association of Insurance Commissioners (NAIC) Annual Statement Instructions and
the NAIC Accounting Practices and Procedures Manual. The notes shall also
include a reconciliation of differences, if any, between the audited statutory
financial statements and the annual statement filed pursuant to
17:23-1 and
17B:21-1 with a written
description of the nature of these differences.
(c) 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 filed with the Commissioner:
1. 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.)
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