§435E-19  Annual reports; disclosure. The board of trustees shall furnish the following to each member participatingin such interindemnity arrangement, and shall file a copy with thecommissioner:

(1)  Within one hundred twenty days after the end ofeach fiscal year a statement of the assets and liabilities of theinterindemnity arrangement as of the end of such year, a statement of therevenue and expenditures of the interindemnity arrangement, and a statement ofthe changes in corpus of the reserve trust for such year, in each caseaccompanied by a certificate signed by a firm of independent certified publicaccountants selected by the board of trustees indicating that such firm hasconducted an audit of such statements in accordance with generally acceptedauditing standards and indicating the results of such audit.

(2)  Within forty-five days after the end of each ofthe first three quarterly periods of each fiscal year a statement of the assetsand liabilities of the interindemnity arrangement as of the end of suchquarterly period, a statement of the revenue and expenditures of theinterindemnity arrangement and a statement of the changes in corpus of thereserve trust for such period, in each case accompanied by a certificate signedby a majority of the members of the board of trustees to the effect that suchstatements were prepared from the official books and records of theinterindemnity arrangement.

In addition to the statements required to be filedpursuant to this section, the board of trustees shall annually file with thecommissioner an authorization for disclosure of all financial recordspertaining to the interindemnity arrangement.  For the purpose of thisparagraph, the authorization for disclosure shall also include the financialrecords of any association, partnership, or corporation that has management orcontrol of the funds or the operation of the interindemnity arrangement. [L1977, c 182, pt of §1; am L 1982, c 203, §16]