(a) All insurers shall have an annual audit prepared by an independent certified public accountant and shall file an audited financial report with the Mayor on or before June 1st for the year ended December 31st immediately preceding. The Mayor may require an insurer to file an audited financial report earlier than June 1st with 90 days advance notice to the insurer.
(b) Extensions of the June 1st filing date may be granted by the Mayor for 30-day periods upon showing by the insurer and its independent certified public accountant the reasons for requesting the extension and determination by the Mayor of good cause for an extension. The request for extension must be submitted in writing not less than 10 days prior to the due date in sufficient detail to permit the Mayor to make an informed decision with respect to the requested extension.
(c) If an extension is granted in accordance with the provisions in subsection (b) of this section, an extension for the same 30-day period shall be granted for the filing of a management’s report of internal control over financial reporting.
(d) An insurer required to file an annual audited financial report pursuant to this chapter shall establish an audit committee. If the insurer is controlled by a controlling person or entity, the audit committee of the controlling entity, in compliance with § 31-311.01(e), may serve as the audit committee for the subject insurer for purposes of this chapter.
(Oct. 21, 1993, D.C. Law 10-48, § 3, 40 DCR 6102; Mar. 12, 2011, D.C. Law 18-317, § 2(b), 57 DCR 12418.)
1981 Ed., § 35-3202.
This section is referenced in § 31-313 and § 31-314.
D.C. Law 18-317 rewrote the section heading, which had read as follows: “Filing and extensions for filing of annual audited financial reports.”; and added subsecs. (c) and (d).
For temporary (90 day) amendment of section, see § 2(b) of Annual Financing Reporting Modernization Emergency Amendment Act of 2010 (D.C. Act 18-665, December 28, 2010, 58 DCR 80).
For temporary (90 day) amendment of section, see § 2(b) of Annual Financial Reporting Modernization Congressional Review Emergency Amendment Act of 2011 (D.C. Act 19-30, March 15, 2011, 58 DCR 2591).
Structure District of Columbia Code
Title 31 - Insurance and Securities
Chapter 3 - Annual Audited Financial Reports
§ 31–303. Contents of annual audited financial report
§ 31–304. Designation of independent certified public accountant
§ 31–305. Qualifications of independent certified public accountant
§ 31–306. Consolidated or combined audits
§ 31–307. Scope of audit and report of independent certified public accountant
§ 31–308. Notification of adverse financial condition
§ 31–309. Communication of internal control related matters noted in audit
§ 31–310. Accountant’s letter of qualifications
§ 31–311.01. Requirements for audit committees
§ 31–311.01a. Internal audit function requirements
§ 31–311.02. Conduct of insurer in connection with the preparation of required reports and documents
§ 31–311.03. Management’s report of internal control over financial reporting
§ 31–312. Exemptions and effective dates