N.Y. Comp. Codes R. & Regs. tit. 10, § 98-3.4 – Contents of annual audited financial report.

(a) The annual audited financial report shall report the financial position of the MCO as of the end of the most recent calendar year and the results of its operations, cash flows and changes in capital and surplus for the year then ended in conformity with statutory accounting practices prescribed, or otherwise permitted, by the New York State Department of Financial Services pursuant to 11 NYCRR Part 83. In addition, a company may comply by filing statements prepared in accordance with generally accepted accounting principles, provided that appropriate reconciliation is made as required by section 307 of Insurance Law. The annual audited financial report shall include the following:
1. (1) report of CPA;
2. (2) balance sheet reporting admitted assets, liabilities, capital and surplus;
3. (3) statement of operations;
4. (4) statement of cash flow; and
5. (5) statement of changes in capital and surplus.
(b) Notes to financial statements shall be those required by the appropriate Annual Statement Instructions and those accounting practices and procedures to be followed as specified in 11 NYCRR Part 83 and shall include a reconciliation of differences, if any, between the audited statutory financial statements and the annual statement filed pursuant to section 98-1.16 of this Part with a written description of the nature of these differences.
(c) The MCO shall prepare the financial statements included in the audited financial report in a form and using language and groupings substantially the same as the relevant sections of the annual statement of the MCO filed with the commissioner, and the financial statement shall be comparative, presenting the amounts as of December 31st of the current year and the amounts as of the immediately preceding December 31st. In the first year in which a MCO is required to file an audited financial report, the comparative data may be omitted.