1. (1) A home protection company subject to this rule shall annually, within 90 days after the close of its fiscal year, file with the commissioner an annual statement in a form prescribed by the commissioner.

2. (2) An annual statement shall include:

   1. (a) a current financial statement prepared in accordance with generally accepted accounting principles, reviewed by an independent certified public accountant and verified by the home protection company's president and principal financial officer;
   2. (b) a home protection company's volume of business in this state during the preceding fiscal year;
   3. (c) a home protection company's business losses;
   4. (d) a list showing each security deposit, surety bond, and irrevocable letter of credit at year end; and
   5. (e) a statement of assets and liabilities.

3. (3) A home protection company that fails to timely file its annual statement may be:

   1. (a) fined $500 for each month, or any part thereof, during which such delinquency continues;
   2. (b) subject to suspension until the delinquency is cured to the satisfaction of the commissioner; and
   3. (c) subject to revocation.
4. (4) The commissioner may require a home protection company to file additional regular or special reports, as the commissioner considers necessary.

KEY: insurance

Date of Last Change: February 8, 2022

Notice of Continuation: April 3, 2024

Authorizing, and Implemented or Interpreted Law: 31A-2-201; 31A-6a-110