Sec. 31-284-11. Reporting requirements.
(a) Financial Reports. Initial applications shall be accompanied by the three (3) proceeding fiscal years’ independently audited financial reports. Renewal applicants shall submit the latest available fiscal year-end audited financial reports. Current self-insurers shall submit audited financial year-end reports within thirty (30) days of availability.
(1) If the latest audited financial statement is more than six (6) months old, the corporate treasurer, partner, or proprietor, shall file an affidavit stating that there has been no significant deterioration in the financial condition of the applicant.
(2) If there has been a material adverse change since the date of the audited financial report, an explanation from the company treasurer shall be attached or a new statement prepared and submitted.
(b) Interim reports may be requested by the Chairman or his designee when the financial strength of the employer is at question as determined by the Chairman or his designee.
(c) All applicants shall provide a description of the primary and secondary sources of funds for the payments of claims.
(Effective October 1, 1996)
NOTE: See also Administrative Regulation Section 31-279-1, Claims Administration