§431:3-302.5  Annual audit.  (a) 
Annually on or before June 1, or such later date as the commissioner upon
request or for cause may specify, each domestic insurer shall file an audit by
a designated independent certified public accountant or accounting firm of the
financial statements reporting the financial condition and the results of
operations of the insurer.  The insurer shall notify the commissioner in
writing of the name and address of the person or firm retained to conduct the
annual audit within sixty days of retention.  The commissioner may disapprove
the insurer's designation within fifteen days of receipt of the insurer's
notice, and the insurer shall be required to designate another independent
certified public accountant or accounting firm.



(b)  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 that utilizes a pooling
or one hundred per cent reinsurance agreement that affects the solvency and
integrity of the insurer's reserves and the insurer cedes all of its direct and
assumed business to the pool.



(c)  The audit required in subsection (a) and
the audited consolidated or combined financial statements as may be approved
under subsection (b) shall be prepared in accordance with the National
Association of Insurance Commissioners accounting practices and procedures
manual and rules adopted by the commissioner following the practices and
procedures prescribed by the National Association of Insurance Commissioners.



(d)  Any insurer failing or refusing to submit
the annual audit or any of the documents required under subsection (a) or as
may be approved under subsection (b), on or before June 1, or a later date as
the commissioner upon request or for cause may specify, shall be liable for a
penalty in an amount not less than $100 and not more than $500 for each day of
delinquency.  The commissioner may suspend or revoke the certificate of
authority of any insurer who fails to file any of the documents required in
subsection (a). [L 1991, c 103, §1; am L 1994, c 128, §3; am L 1997, c 368, §3;
am L 2004, c 122, §12; am L 2009, c 77, §3]