1. (a) This section applies only to an insurer or HMO that:

   1. (1) meets the requirements of §7.1605 of this subchapter (relating to Notification Requirements); and
   2. (2) is subject to the requirements of the Education Code §22.004(g).

2. (b) An administrator meeting the requirements of subsection (a) of this section may comply with the requirement for an audited financial statement under the Education Code §22.004(h) by providing a copy of the financial statement filed with the Department for the preceding calendar year that:

   1. (1) was prepared by an independent certified public accountant and;
   2. (2) was filed in compliance with the requirements of §7.18 of this chapter (relating to the National Association of Insurance Commissioners Accounting Practices and Procedures Manual) and §7.85 of this chapter (relating to Audited Financial Reports).

Source Note:The provisions of this §7.1610 adopted to be effective June 25, 2009, 34 TexReg 4143.