§ 83-5-114. Severability
If any section or portion of a section of Sections 83-5-101 through 83-5-113 or its applicability to any person or circumstance is held invalid by a court, the remainder of this chapter or the applicability of the provision to other persons or circumstances shall not be affected.
§ 83-5-115. Authority of Department of Insurance to determine method of calculating values of stocks, bonds and other sureties held by insurer
All bonds or other evidences of debt having a fixed term and rate of interest held by an insurer, if secured and not in default as to principal or interest, may be valued as follows: If purchased at par, at the par value. If purchased above or below par, on the basis of the purchase […]
§ 83-5-117. Methods of valuation which may be used to calculate values of stocks, bonds and other sureties held by insurer
Securities, other than those referred to in 83-5-115, held by an insurer shall be valued, in the discretion of the Department of Insurance, at their market value or at their appraised value or at prices determined by it as representing their fair market value. Preferred or guaranteed stocks or shares while paying full dividends may […]
§ 83-5-119. Requirements for audit committees
[Effective from and after January 1, 2020, this section will read:] Every insurer required to file an annual audited financial report pursuant to this section shall designate a group of individuals as constituting its audit committee. The audit committee of an entity that controls an insurer may be deemed to be the insurer’s audit committee […]
§ 83-5-120. Internal audit function requirements
Exemption.An insurer is exempt from the requirements of this section if: The insurer has annual direct written and unaffiliated assumed premium, including international direct and assumed premium but excluding premiums reinsured with the Federal Crop Insurance Corporation and Federal Flood Program, less than Five Hundred Million Dollars ($500,000,000.00); and If the insurer is a member […]
§ 83-5-121. Conduct of insurer in connection with the preparation of required reports and documents
No director or officer of an insurer shall, directly or indirectly: Make or cause to be made a materially false or misleading statement to an accountant in connection with any audit, review or communication required under this section; or Omit to state, or cause another person to omit to state, any material fact necessary in […]
§ 83-5-123. Management’s report of internal control over financial reporting
Every insurer required to file an audited financial report pursuant to this section that has annual direct written and assumed premiums, excluding premiums reinsured with the Federal Crop Insurance Corporation and Federal Flood Program, of Five Hundred Million Dollars ($500,000,000.00) or more shall prepare a report of the insurer’s or group of insurers’ internal control […]
§ 83-5-125. Canadian and British companies
In the case of Canadian and British insurers, the annual audited financial report shall be defined as the annual statement of total business on the form filed by such companies with their supervision authority duly audited by an independent chartered accountant. For such insurers, the letter required in Section 83-5-106 shall state that the accountant […]
§ 83-5-108. Consolidated or combined audits
An insurer may make written application to the commissioner for approval to file audited consolidated or combined financial statements in lieu of separate annual audited financial statements if the insurer is part of a group of insurance companies which utilizes a pooling or one hundred percent (100%) reinsurance agreement that affects the solvency and integrity […]
§ 83-5-109. Scope of examination and report of independent certified public accountant
Financial statements furnished pursuant to Section 83-5-103 shall be audited by an independent certified public accountant. The audit of the insurer’s financial statements shall be conducted in accordance with generally accepted auditing standards. The independent certified public accountant should obtain an understanding of internal control sufficient to plan the audit. To the extent required by […]