760 IAC 1-51-6 Compilation and review

Sec. 6. (a) The reinsurance intermediary-manager shall contract with a certified public accountant for an annual compilation and review. The compilation shall include the following: (1) A report by an independent certified public accountant. (2) A balance sheet. (3) A statement of income. (4) A statement of cash flows. (5) A statement of income and retained earnings. (6) Verification by management, under oath, of the amount of reinsurance premiums written for the previous calendar year. (b) The insurer shall retain a copy of the compilation and review conducted under subsection (a) for each reinsurance intermediary-manager with whom the insurer has a contract. (c) The department of insurance shall retain authority to examine a reinsurance intermediary-manager notwithstanding termination of the reinsurance intermediary-manager's contractual authority.