W. Va. Code R. § 114-65-9

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

Section 114-65-9 - Filing of Reports; Examination by Commissioner

9.1. Every pool authorized by the Commissioner must file with the Commissioner and distribute to pool members within 180 days following the pool's fiscal year end an audited statement of its financial condition and business for the most recently completed fiscal year; such statement must be signed on behalf of the pool by two duly authorized officers or a duly authorized officer and the administrator.

9.2. The financial statement must be audited by an independent certified public accountant and verified by the signature and oath of the pool's authorized representative. If a pool fails to file the audited financial statement required by this section, the Commissioner may have the audit performed. If the audit is performed by the Commissioner's staff, it will be at the expense of the pool and all working papers will be confidential and not open for public inspection until the audit is final.

9.3. The audited financial statement shall contain a report in detail of the pool's assets, outstanding liabilities, including the amount of claims paid to date and current reserves for losses, revenues and disbursements during the year, the investments of the pool's assets and all other information that the Commissioner deems necessary to secure a full and accurate knowledge of the financial affairs and condition of the pool. The working papers of the certified public accountant and other records pertaining to the preparation of the audited financial statements may be reviewed by the Commissioner.

9.4. In addition to the annual audited financial statement, the Commissioner may require any pool to file additional financial information, including interim financial reports and additional reports, exhibits or statements considered necessary to secure complete information concerning the condition, solvency, experience, transactions or affairs of the pool. The Commissioner shall establish reasonable deadlines for filing these additional reports, exhibits or statements and may require verification as the Commissioner shall designate.

9.5. The pool must retain and have available for examination by the Commissioner all executed copies of the application of each political subdivision for membership in the pool and a certified copy of each political subdivision's resolution authorizing membership in the pool.

W. Va. Code R. § 114-65-9