R590-166-6. Annual Statement

(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) An annual statement shall include: (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; (b) a home protection company's volume of business in this state during the preceding fiscal year; (c) a home protection company's business losses; (d) a list showing each security deposit, surety bond, and irrevocable letter of credit at year end; and (e) a statement of assets and liabilities. (3) A home protection company that fails to timely file its annual statement may be: (a) fined $500 for each month, or any part thereof, during which such delinquency continues; (b) subject to suspension until the delinquency is cured to the satisfaction of the commissioner; and (c) subject to revocation. (4) The commissioner may require a home protection company to file additional regular or special reports, as the commissioner considers necessary.