Indiana Code 27-1-3.5-7. Contents of report
(1) the financial position of the domestic insurer as of the end of the most recently ended calendar year; and
Terms Used In Indiana Code 27-1-3.5-7
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- capital: means the aggregate amount paid in on the shares of capital stock of a corporation issued and outstanding. See Indiana Code 27-1-2-3
- commissioner: refers to the insurance commissioner appointed under IC 27-1-1-2. See Indiana Code 27-1-3.5-1
- Department: means "the department of insurance" of this state. See Indiana Code 27-1-2-3
- domestic insurer: means an insurer organized under the laws of Indiana. See Indiana Code 27-1-3.5-2
- independent auditor: means a certified public accountant or a certified public accounting firm that conducts an annual audit of a domestic insurer as required by this chapter. See Indiana Code 27-1-3.5-3
- Insurance: means a contract of insurance or an agreement by which one (1) party, for a consideration, promises to pay money or its equivalent or to do an act valuable to the insured upon the destruction, loss or injury of something in which the other party has a pecuniary interest, or in consideration of a price paid, adequate to the risk, becomes security to the other against loss by certain specified risks; to grant indemnity or security against loss for a consideration. See Indiana Code 27-1-2-3
- insurer: means a company, firm, partnership, association, order, society or system making any kind or kinds of insurance and shall include associations operating as Lloyds, reciprocal or inter-insurers, or individual underwriters. See Indiana Code 27-1-2-3
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- Year: means a calendar year, unless otherwise expressed. See Indiana Code 1-1-4-5
in conformity with statutory accounting practices prescribed, or otherwise permitted, by the department of insurance.
(b) The financial statements included in the annual audited financial report filed by a domestic insurer under this chapter shall be examined by an independent auditor. The independent auditor shall conduct its examination of the domestic insurer’s financial statements in accordance with generally accepted auditing standards, and shall consider such other procedures illustrated in the Financial Condition Examiner’s Handbook as the independent auditor considers necessary.
(c) An annual audited financial report filed by a domestic insurer under this chapter must include the following:
(1) The report of the insurer’s independent auditor.
(2) A balance sheet reporting admitted assets, liabilities, capital, and surplus.
(3) A statement of operations.
(4) A statement of cash flow.
(5) A statement of changes in capital and surplus.
(6) Notes to financial statements. The notes must be those required by the applicable Annual Statement Instructions and any other notes required by statutory accounting practices, which must include a reconciliation of differences, if any, between the financial statements included in the audited financial report and the annual statement filed by the insurer under IC 27-1-20-21, including a written description of the nature of these differences.
(d) The financial statements included in a domestic insurer’s audited financial report shall be prepared in the same form, and using language and groupings substantially the same, as the relevant sections of the annual statement of the insurer filed with the commissioner under IC 27-1-20-21.
(e) The financial statements included in a domestic insurer’s audited financial report must be comparative, presenting the amounts as of December 31 of the year of the report and comparative amounts as of the immediately preceding December 31. However, in the first year in which an insurer is required to file an audited financial report under this chapter, the comparative data may be omitted.
As added by P.L.244-1989, SEC.2. Amended by P.L.251-1995, SEC.7; P.L.146-2015, SEC.13; P.L.124-2018, SEC.7.