An insurer may make written application to the Mayor for approval to file audited consolidated or combined financial statements in lieu of separate annual audited financial statements if the insurer is part of a group of insurance companies which utilizes a pooling or 100% reinsurance agreement that affects the solvency and integrity of the insurer’s reserves and the insurer cedes all of its direct and assumed business to the pool. In these cases, a column consolidating or combining worksheet shall be filed with the report, as follows:
(1) Amounts shown on the consolidated or combined audited financial report shall be shown on the worksheet.
(2) Amounts for each insurer subject to this section shall be stated separately.
(3) Noninsurance operations may be shown on the worksheet on a combined or individual basis.
(4) Explanations of consolidating and eliminating entries shall be included.
(5) A reconciliation shall be included of any differences between the amounts shown in the individual insurer columns of the worksheet and comparable amounts shown on the annual statements of the insurers.
(Oct. 21, 1993, D.C. Law 10-48, § 7, 40 DCR 6102.)
1981 Ed., § 35-3206.
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