Virginia Administrative Code
Title 14 - INSURANCE
Agency 5 - STATE CORPORATION COMMISSION, BUREAU OF INSURANCE
Chapter 270 - RULES GOVERNING ANNUAL FINANCIAL REPORTING
Section 14VAC5-270-10 - Purpose
Universal Citation: 4 VA Admin Code 5-270-10
Current through Register Vol. 41, No. 3, September 23, 2024
The purpose of this chapter is to improve the commission's surveillance of the financial condition of licensed companies by requiring (i) an annual audit of financial statements reporting the financial position and the results of operations of insurers by an independent certified public accountant, (ii) Communicating Internal Control Related Matters Identified in an Audit, and (iii) Management's Report of Internal Control over Financial Reporting.
Statutory Authority
§§ 12.1-13 and 38.2-223 of the Code of Virginia.
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