3 Colo. Code Regs. § 702-1-2-7-5

Current through Register Vol. 47, No. 22, November 25, 2024

Section 3 CCR 702-1-2-7-5 - Independent Audit

A. The insurer shall have on file an independent audited annual financial statement. If the MGA has been in existence for less than one (1) year, the MGA shall file financial statements, certified by an officer of the MGA and prepared in accordance with GAAP, each month during the calendar year.

B. An audited financial/annual report prepared on a consolidated basis shall include a columnar consolidating or combining worksheet that shall be filed with the report and include the following:

1. amounts shown on the consolidated audited financial report shall be shown on the worksheet, and

2. amounts for each entity shall be stated separately, and

3. explanations of consolidating and eliminating entries shall be included.

3 CCR 702-1-2-7-5

37 CR 11, June 10, 2014, effective 6/30/2014

37 CR 11, June 10, 2014, effective 7/1/2014

38 CR 09, May 10, 2015, effective 6/1/2015

38 CR 20, October 25, 2015, effective 11/15/2015

40 CR 19, October 10, 2017, effective 11/1/2017

40 CR 21, November 10, 2017, effective 12/1/2017

40 CR 21, November 10, 2017, effective 1/1/2018

41 CR 21, November 10, 2018, effective 12/1/2018

43 CR 21, November 10, 2020, effective 12/1/2020

45 CR 21, November 10, 2022, effective 11/30/2022