(a)

1. (1) All insurers shall have an annual audit performed by an independent certified public accountant and shall file an audited financial report with the Insurance Commissioner on or before June 1 for the year ended December 31 immediately preceding.
2. (2) The commissioner may require an insurer to file an audited financial report earlier than June 1 with ninety (90) days advance notice to the insurer.

(b)

1. (1) Extensions of the June 1 filing date may be granted by the commissioner for periods of thirty (30) days upon a showing by the insurer and its independent certified public accountant of the reasons for requesting an extension and determination by the commissioner of good cause for an extension.
2. (2) The request for extension must be submitted in writing not less than ten (10) days prior to the due date in sufficient detail to permit the commissioner to make an informed decision with respect to the requested extension.
3. (3) The commissioner, in his or her sole discretion, will determine whether good cause exists for an extension and will notify the insurer of that decision in writing.

(d)

1. (1) Every insurer required to file an annual audited financial report pursuant to this rule shall designate a group of individuals as constituting its audit committee, as defined in 23 CAR § 12-102.
2. (2) The audit committee of an entity that controls an insurer may be deemed to be the insurer’s audit committee for purposes of this rule at the election of the controlling person.