INSURANCE REGULATION 87 ANNUAL FINANCIAL REPORTING
230-RICR-20-45-7 INACTIVE RULE
| Title | 230 | Department of Business Regulation (includes the Office of the Health Insurance Commissioner) |
| Chapter | 20 | Insurance |
| Subchapter | 45 | Financial Standards and Corporate Operations |
| Part | 7 | INSURANCE REGULATION 87 ANNUAL FINANCIAL REPORTING |
| Type of Filing | Direct Final Amendment |
| Regulation Status | Inactive |
| Effective | 12/02/2016 to 12/02/2016 |
Regulation Authority:
R.I. Gen. Laws §§ 27-12-6 and 42-14-17
Purpose and Reason:
The purpose of this regulation is to improve the Rhode Island Insurance Division's surveillance of the financial condition of insurers by requiring (1) an annual audit of financial statements reporting the financial position and the results of operations of insurers by independent certified public accountants, (2) Communication of Internal Control Related Matters Noted in an Audit, and (3) Management’s Report of Internal Control over Financial Reporting. Every insurer (as defined in Section 3) shall be subject to this regulation. Insurers having direct premiums written in this state of less than one million dollars ($1,000,000) in any calendar year and less than one thousand (1,000) policyholders or if certificateholders of direct written policies nationwide at the end of such calendar year shall be exempt from this regulation for such year (unless the Commissioner makes a specific finding that compliance is necessary for the Commissioner to carry out statutory responsibilities) except that insurers having assumed premiums pursuant to contracts and/or treaties of reinsurance of one million dollars ($1,000,000) or more will not be so exempt. Foreign or alien insurers filing the Audited financial report in another state, pursuant to such other state's requirement for filing of Audited financial reports, which has been found by the Commissioner to be substantially similar to the requirements herein, are exempt from Sections 4 through 13 of this regulation if:
