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Texas Insurance Code - Not Codified - Article 4.58. Reports To Comptroller; Audited Financial Statement

Legal Research Home > Texas Lawyer > Insurance Code - Not Codified > Texas Insurance Code - Not Codified - Article 4.58. Reports To Comptroller; Audited Financial Statement

Art. 4.58. REPORTS TO COMPTROLLER;  AUDITED FINANCIAL 
STATEMENT.  (a) Each certified capital company shall report to the 
comptroller as soon as practicable after the receipt of certified 
capital:
	(1)  the name of each certified investor from whom the 
certified capital was received, including the certified investor's 
insurance premium tax identification number;
	(2)  the amount of each certified investor's investment of 
certified capital and premium tax credits;  and
	(3)  the date on which the certified capital was received.                     
	(b)  Not later than January 31 of each year, each certified 
capital company shall report to the comptroller:
	(1)  the amount of the company's certified capital at the end 
of the preceding year;
	(2)  whether or not the company has invested more than 15 
percent of its total certified capital in any one business;
	(3)  each qualified investment that the company made during 
the preceding year and, with respect to each qualified investment, 
the number of employees of the qualified business at the time the 
qualified investment was made;  and
	(4)  any other information required by the comptroller, 
including any information required by the comptroller to comply 
with Article 4.73 of this code.
	(c)  Not later than April 1 of each year, the company shall 
provide to the comptroller an annual audited financial statement 
that includes the opinion of an independent certified public 
accountant.  The audit shall address the methods of operation and 
conduct of the business of the company to determine whether:
	(1)  the company is complying with this subchapter and the 
rules adopted under this subchapter;
	(2)  the funds received by the company have been invested as 
required within the time provided by Article 4.56(a) of this code;  
and
	(3)  the company has invested the funds in qualified 
businesses.             

Added by Acts 2001, 77th Leg., ch. 437, Sec. 1, eff. May 28, 2001.            

Last modified: August 11, 2007