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054.00.25-8. Consolidated or Combined Audits

AR ADC 054.00.25-8Arkansas Administrative Code

West's Arkansas Administrative Code
Title 054. Insurance Department
Division 00.
Rule 25. Annual Audited Financial Reports
Ark. Admin. Code 054.00.25-8
054.00.25-8. Consolidated or Combined Audits
Currentness
An insurer may make written application to the Commissioner 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 that utilizes a pooling or one hundred percent (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 such cases, a columnar consolidating or combining worksheet shall be filed with the report as follows:
A. Amounts shown on the consolidated or combined Audited Financial Report shall be shown on the worksheet;
B. Amounts for each insurer subject to this section shall be stated separately;
C. Noninsurance operations may be shown on the worksheet on a combined or individual basis;
D. Explanations of consolidating and eliminating entries shall be included; and
E. 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.

Credits

Amended Nov. 5, 2009.
Current with amendments received through February 15, 2024. Some sections may be more current, see credit for details.
Ark. Admin. Code 054.00.25-8, AR ADC 054.00.25-8
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