15.2-2707 - Filing of annual financial statements, deficit correction financial plan with State Corporation Commission required. - Virginia Statutes

§ 15.2-2707. Filing of annual financial statements, deficit correctionfinancial plan with State Corporation Commission required.

Each group self-insurance pool created in the Commonwealth shall file withthe State Corporation Commission and with the members of the pool auditedfinancial statements certified by an independent certified public accountantwithin 120 days after the end of the pool's fiscal year. If a groupself-insurance pool fails to file the audited financial statements asrequired, the Commission may perform the audit and the group self-insurancepool shall reimburse the Commission for the cost of the audit.

The Commission shall prescribe a uniform reporting format for the preparationof pool-audited financial statements and shall also devise a uniformaccounting system to be used by group self-insurance pools. The workingpapers of the certified public accountant and other records pertaining to thepreparation of the audited financial statements may be reviewed by theCommission.

If a group self-insurance pool is in a deficit condition, the groupself-insurance pool shall promptly file with the Commission a financial planto correct the deficit condition. If the plan is found to be unacceptable bythe Commission and written notice thereof is given to the governing authorityof the pool, delinquency proceedings may be commenced and conducted by theCommission in accordance with the provisions of Chapter 15 (§ 38.2-1500 etseq.) of Title 38.2.

(1986, cc. 520, 556, § 15.1-503.4:7; 1997, c. 587.)