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Virginia Administrative Code
Title 14. Insurance
Agency 5. State Corporation Commission, Bureau of Insurance
Chapter 270. Rules Governing Annual Financial Reporting
11/21/2024

14VAC5-270-10. Purpose.

The purpose of this chapter is to improve the commission's surveillance of the financial condition of licensed companies by requiring (i) an annual audit of financial statements reporting the financial position and the results of operations of insurers by an independent certified public accountant, (ii) Communicating Internal Control Related Matters Identified in an Audit, and (iii) Management's Report of Internal Control over Financial Reporting.

Statutory Authority

§§ 12.1-13 and 38.2-223 of the Code of Virginia.

Historical Notes

Derived from Regulation 39, Case No. INS910072, § 2, eff. September 1, 1991; amended, Virginia Register Volume 24, Issue 12, eff. January 1, 2010.

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