Dec 31, 2023 · Each insurer required by this regulation to file an annual audited financial report must within sixty (60) days after becoming subject to the ...
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Dec 31, 2023 · A. All insurers shall have an annual audit by an independent certified public accountant and shall file an audited financial report with the ...
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reinsurance and all related files and records relevant to the determination of whether such contracts should be assumed, and (ii) notices of any defaults ...
A plan shall, in its explanation of benefits provided to covered persons, include the following language: “If you are covered by more than one health benefit ...
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People also ask
What is NAIC model regulation 205?
The Model Audit Rule 205, Model Audit Rule, or MAR 205 are the commonly applied terms for the Annual Financial Reporting Model Regulation. Model Audit Rule is a financial reporting regulation applicable to insurance companies, and borrows significantly from the Sarbanes Oxley Act of 2002 (see 'key sections' below).
What is the NAIC rule of 500?
—The adopted revisions require that insurance companies with $500 million or more in direct and assumed premium file a report with the state insurance department regarding its assessment of internal control over financial reporting.
What are the NAIC guidelines?
The NAIC model laws and guidelines are proposed statements of insurance regulation for all 50 states as well as the other jurisdictions such as D.C. or Guam. Once a model law is passed, states can choose to adhere to it fully, with modifications, or not at all.
What is the NAIC database?
The NAIC Database provides essential data for the Insurance Regulatory Information System (IRIS) Financial Ratio Reports, risk-based capital analysis, and other solvency-related reviews of individual companies, including reporting compliance and financial analysis.
Resources for Insurance Industry Insights and Tools. We offer a vast amount of free and paid publications that include various manuals, statistical reporting ...
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In acquiring, investing, exchanging, holding, selling and managing investments, an insurer shall establish and follow a written investment policy that shall be ...
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... files and all other records of the insurer of ... data is reported to the NAIC's Global ... Committee agreed that Section 205 as drafted provides sufficient ability ...
(1). Except as otherwise specified in this Act, an insurer shall not acquire, directly or indirectly through an investment subsidiary, an investment under this ...
This subsection applies to all recommendations and sales of annuities made by financial professionals in compliance with business rules, controls and procedures ...
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Jun 12, 2023 · https://content.naic.org/sites/default/files/inline-files/FRSA%20Pamphlet%208-2022%20.pdf (Accreditation. Pamphlet). Page 18. Insurance ...