Sec. 401.005. ALTERNATIVE FILING FOR CANADIAN OR BRITISH INSURERS OR HEALTH MAINTENANCE ORGANIZATIONS. (a) Instead of the audited financial report required by Section 401.004, an insurer or health maintenance organization domiciled in Canada or the United Kingdom may file the insurer's or health maintenance organization's annual statement of total business on the form filed by the insurer or health maintenance organization with the appropriate regulatory authority in the country of domicile. The statement must be audited by an independent accountant chartered in the country of domicile.
(b) The chartered accountant must be registered with the commissioner under Section 401.014(a). The registration must be accompanied by a statement, signed by the accountant, indicating that the accountant is aware of the requirements of this subchapter and affirming that the accountant will express the accountant's opinion in conformity with those requirements.
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