Or. Admin. Code § 836-011-0120

Current through Register Vol. 63, No. 11, November 1, 2024

Section 836-011-0120 - Filing and Extensions for Filing of Annual Audited Financial Reports

(1) All insurers shall have an annual audit by an independent certified public accountant and shall file an audited financial report with the Director on or before June 1 for the year ended December 31 immediately preceding. The Director may require an insurer to file an audited financial report earlier than June 1 with advance notice of 90 days to the insurer.

(2) Extensions of the June 1 filing date may be granted by the Director for 30-day periods upon a showing by the insurer and its independent certified public accountant of the reasons for requesting an extension and determination by the Director of good cause for an extension. The request for extension must be submitted in writing not less than 10 days prior to the due date in sufficient detail to permit the Director to make an informed decision with respect to the requested extension.

(3) If an extension is granted in accordance with section (2) of this rule, a similar extension of 30 days is granted to the filing of Management's Report of Internal Control over Financial Reporting.

(4) Every insurer required to file an annual audited financial report pursuant to OAR 836-011-0100 to 836-011-0230 shall designate a group of individuals as constituting its audit committee, as defined in 836-011-0110. The audit committee of an entity that controls an insurer may be designated as the insurer's audit committee for purposes of 836-011-0100 to 836-011-0230 at the election of the controlling person.

Or. Admin. Code § 836-011-0120

ID 4-1992, f. & cert. ef. 3-26-92; ID 22-2002, f. & cert. ef. 11-27-02; ID9-2008, f. 6-30-08, cert. ef. 7-1-08; ID 11-2008, f. & cert. ef. 7-29-08

Stat. Auth.: ORS 731.244 & 731.488

Stats. Implemented: ORS 731.488