Sec. 401.004. FILING AND EXTENSIONS FOR FILING OF AUDITED FINANCIAL REPORT. (a) Unless exempt under Section 401.006, 401.007, or 401.008 and except as otherwise provided by Sections 401.005 and 401.016, an insurer or health maintenance organization shall:
(1) have an annual audit performed by an accountant; and
(2) file with the commissioner on or before June 30 an audited financial report for the preceding calendar year.
(b) The commissioner may require an insurer or health maintenance organization to file an audited financial report on a date that precedes June 30. The commissioner must notify the insurer or health maintenance organization of the filing date not later than the 90th day before that date.
(c) An insurer or health maintenance organization may request an extension of the filing date by submitting the request in writing before the 10th day preceding the filing date. The request must include sufficient detail for the commissioner to make an informed decision on the requested extension. The commissioner may extend the filing date for one or more 30-day periods if the commissioner determines that there is good cause for the extension based on a showing by the insurer or health maintenance organization and the insurer's or health maintenance organization's accountant of the reasons for requesting the extension.
Added by Acts 2005, 79th Leg., Ch. 727 (H.B. 2017), Sec. 1, eff. April 1, 2007.
Structure Texas Statutes
Title 4 - Regulation of Solvency
Subtitle A - General Provisions
Chapter 401 - Audits and Examinations
Subchapter A. Independent Audit of Financial Statements
Section 401.002. Purpose of Subchapter
Section 401.003. Effect of Subchapter on Authority to Examine
Section 401.004. Filing and Extensions for Filing of Audited Financial Report
Section 401.006. Exemption for Certain Small Insurers and Health Maintenance Organizations
Section 401.007. Exemption for Certain Foreign or Alien Insurers or Health Maintenance Organizations
Section 401.008. Hardship Exemption
Section 401.009. Contents of Audited Financial Report
Section 401.010. Requirements for Financial Statements in Audited Financial Report
Section 401.011. Qualifications of Accountant; Acceptance of Audited Financial Report
Section 401.012. Hearing on Accountant Qualifications; Replacement of Accountant
Section 401.013. Accountant's Letter of Qualifications
Section 401.014. Registration of Accountant
Section 401.015. Resignation or Dismissal of Accountant; Statement Concerning Disagreements
Section 401.016. Audited Combined or Consolidated Financial Statements
Section 401.017. Notice of Adverse Financial Condition or Misstatement of Financial Condition
Section 401.018. Information Discovered After Date of Audited Financial Report
Section 401.019. Report on Significant Deficiencies in Internal Control