Texas Insurance Code - Section 401.010. Requirements For Financial Statements In Audited Financial Report
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§ 401.010. REQUIREMENTS FOR FINANCIAL STATEMENTS IN
AUDITED FINANCIAL REPORT. (a) An accountant must audit the
financial reports provided by an insurer or health maintenance
organization for purposes of an audit under this subchapter. The
accountant who audits the reports must conduct the audit in
accordance with generally accepted auditing standards and must
consider other procedures described in the Financial Condition
Examiner's Handbook adopted by the National Association of
Insurance Commissioners.
(b) The financial statements included in the audited
financial report must be prepared in a form and using language and
groupings substantially the same as those of the relevant sections
of the insurer's or health maintenance organization's annual
statement filed with the commissioner. Beginning in the second
year in which an insurer or health maintenance organization is
required to file an audited financial report, the financial
statements must also be comparative, presenting the amounts as of
December 31 of the reported year and the amounts as of December 31
of the preceding year.
Added by Acts 2005, 79th Leg., ch. 727, § 1, eff. April 1, 2007.
Section: 401.003 401.004 401.005 401.006 401.007 401.008 401.009 401.010 401.011 401.012 401.013 401.014 401.015 401.016 401.017
Last modified: August 11, 2007
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