W. Va. Code R. § 114-31-4

Current through Register Vol. XLI, No. 50, December 13, 2024

Section 114-31-4 - Annual Audit

4.1. An independent audit of the actual West Virginia, or, if applicable, national, loss ratio results for the experience period at issue shall be conducted and filed with the Commissioner on an annual basis. The audit must be conducted during the second quarter of the year following the end of the experience period and be filed with the Commissioner no later than June 30 of that year.

4.2. The audit must include at minimum:

a. A statement of the durational and lifetime loss ratio guarantees;

b. A statement of the earned premium and incurred claims for the audited experience period;

c. A statement of the experience by duration of the most recent calendar year;

d. A statement of claim reserves included in incurred claims;

e. A statement that no active life reserves are included in the calculation of the actual loss ratio;

f. A statement that no reinsurance premiums are included in the calculation of the actual loss ratio;

g. A statement of refunds paid during any previous years; and

h. A statement of any refunds due for the current experience period and the calculation of the refunds due.

W. Va. Code R. § 114-31-4