(a) On at least a calendar year basis, each network shall prepare financial statements in accordance with generally accepted accounting principles which must include:
- (1) a balance sheet;
- (2) an income statement;
- (3) a cash flow statement;
- (4) a statement of equity; and
- (5) a supplemental description of the network's basic organizational structure, general business relationships, and management.
(b) On or before April 1st of each year, each network shall provide the network's financial statement required by subsection (a) of this section to:
- (1) each carrier with which the network contracts to facilitate carrier and network compliance under Insurance Code §1305.154(c) and §1305.155 and §10.41 of this chapter (relating to Network-Carrier Contracts); and
- (2) the department by sending the financial statement to the HMO Division, Mail Code 103-6A, Texas Department of Insurance, P.O. Box 149104, Austin, Texas 78714-9104.
Source Note:The provisions of this §10.24 adopted to be effective December 5, 2005, 30 TexReg 8099.