Section 760 IAC 5-2-2 - Financial statementAuthority: IC 27-1-24.5-20
Affected: IC 27-1-24.5-20
Sec. 2.
(a) An application for issuance of a license or renewal of a license must be accompanied by an applicant's current audited annual financial statements prepared by an independent certified public accountant in accordance with generally accepted accounting principles reflecting a positive net worth, and additional information determined by the commissioner to be necessary for a review of the current financial condition of the applicant to determine compliance with IC 27-1-24.5 or requirements of this rule. Financial information and proprietary information submitted by an applicant to the department is confidential under IC 27-1-24.5-20.(b) An applicant for a license or renewal of a license may make written application to the commissioner for approval to file audited consolidated or combined financial statements instead of separate annual audited financial statements. If an applicant makes written application to the commissioner under this subsection, the statement must include a columnar consolidating or combining worksheet that includes the amounts shown on the consolidated audited financial statement, separately reported on the worksheet for each entity included on the statement, and an explanation of consolidating and eliminating entries.Department of Insurance; 760 IAC 5-2-2; filed 2/23/2023, 9:48 a.m.: 20230322-IR-760220287FRA