Arizona Laws 20-1098.07. Annual report
A. Not later than ninety days after the end of the captive insurer‘s fiscal year, the captive insurer shall submit to the director a report of its financial condition that is verified by oath of two of its executive officers and that is supplemented by additional information as required by the director. Except as provided in Section 20-1098.03, a captive insurer may submit a report that uses generally accepted accounting principles unless the director requires the captive insurer to use statutory accounting principles with any useful or necessary modifications or adaptations of those principles required by the director for the type of insurance and kinds of insurers to be reported on.
Terms Used In Arizona Laws 20-1098.07
- Association: means any lawfully formed association of individuals or business entities that has been in existence for at least one year and that is organized for a primary purpose other than procuring or providing insurance for its members. See Arizona Laws 20-1098
- Captive insurer: means any pure captive insurer, agency captive insurer, group captive insurer or protected cell captive insurer that is domiciled in this state and that is formed and licensed under this article. See Arizona Laws 20-1098
- department: means the department of insurance and financial institutions. See Arizona Laws 20-101
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
B. The captive insurer’s financial statements shall be audited by an independent certified public accountant and be in compliance with chapter 3, article 10 of this title, unless the director determines that an audit is not necessary. The audit shall include a reconciliation of differences, if any, between the audited financial report and the statement or form filed with the department. The audit opinion shall be filed with the director not later than six months after the end of the captive insurer’s fiscal year.
C. Unless exempted by the director, the annual report shall be based on the type of risks insured by the insurer and shall meet the applicable requirements of one or more of the following:
1. Chapter 3, article 8 of this title.
2. Chapter 3, article 9 of this title.
3. The actuarial provisions of the national association of insurance commissioners health annual statement instructions.