375.1038. Consolidated or combined financial statements permitted, when--worksheet , contents. - Missouri Statutes

Consolidated or combined financial statements permitted,when--worksheet , contents.

375.1038. An insurer may make written application to the director forapproval to file audited consolidated or combined financial statements inlieu of separate annual audited financial statements if the insurer is partof a group of insurance companies that utilizes a pooling or one hundredpercent reinsurance agreement that affects the solvency and integrity ofthe insurer's reserves and the insurer cedes all of its direct and assumedbusiness to the pool. In such cases, a columnar consolidating or combiningworksheet shall be filed with the report as follows:

(1) Amounts shown on the consolidated or combined audited financialreport shall be shown on the worksheet;

(2) Amounts for each insurer subject to this section shall be statedseparately;

(3) Noninsurance operations may be shown on the worksheet on acombined or individual basis;

(4) Explanations of consolidating and eliminating entries shall beincluded; and

(5) A reconciliation shall be included of any differences between theamounts shown in the individual insurer columns of the worksheet andcomparable amounts shown on the annual statements of the insurers.

(L. 2009 H.B. 577)