N.M. Admin. Code § 13.2.5.9

Current through Register Vol. 35, No. 24, December 23, 2024

Section 13.2.5.9 - FILING DATES AND EXTENSIONS

A. An insurerer shall have an annual audit by an independent certified public accountant and shall file an annual audited financial report and management's report of internal control over financial reporting with the superintendent on or before June 1 for the year ended December 31 immediately preceding. The superintendent may require an insurer to file an audited financial report and management's report of internal control over financial reporting earlier than June 1 with ninety days advance notice to the insurer.

B. The superintendent may grant extensions of the June 1 filing date for 30-day periods for good cause shown. The request for extension shall be submitted in writing not less than 10 days prior to the filing date. The insurer and its independent certified public accountant shall show the reasons for requesting such extension in sufficient detail to permit the superintendent to make an informed decision with respect to the requested extension.

C. An insurer required to file an annual audited financial report pursuant to this rule shall designate a group of individual's as constituting its audit committee, as defined in 13.2.5.7 NMAC. The audit committee of an entity that controls an insurer may be deemed to be the insurer's audit committee for purposes of this rule at the election of the controlling person consistent with 13.2.5.16 NMAC.

N.M. Admin. Code § 13.2.5.9

1/1/94; 13.2.5.9 NMAC - Rn, 13 NMAC 2.5.9 & A, 1/1/2010, Amended by New Mexico Register, Volume XXXI, Issue 18, September 29, 2020, eff. 10/1/2020