- (a) Each applicant for a certificate of authority or renewal of a certificate of authority shall provide the applicant’s current audited financial statement. An audited financial statement, for the purposes of this rule, shall consist of a financial statement that is prepared in a manner consistent with generally accepted accounting principles (GAAP), and shall be accompanied by an opinion by an independent accounting firm.
- (b) The audited financial statement shall reflect a positive net worth in order to be acceptable as proof of the applicant’s financial responsibility.
Source. #7142, eff 11-24-99, EXPIRED: 11-24-07 New. #9878-A eff 2-25-11, EXPIRED: 2-25-19 New. #12815, eff 6-26-19