N.Y. Comp. Codes R. & Regs. tit. 11, § 89.3 – Contents of annual audited financial report.

(a) The annual audited financial report shall report the financial position of the company 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 insurance department of the state of domicile. 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 Insurance Law, section 307(b). 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 Part 83 of this Title (Regulation 172) and shall include a reconciliation of differences, if any, between the audited financial statements filed pursuant to Insurance Law, section 307(b) and the annual statement filed pursuant to Insurance Law, section 307(a) with a written description of the nature of these differences.
(c) The company 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 company filed with the superintendent, 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 after the effective date of this regulation in which a company is required to file an audited financial report, the comparative data may be omitted.