38.2-1231 - Attorney's financial statement. - Virginia Statutes

§ 38.2-1231. Attorney's financial statement.

A. The subscribers' advisory committee of a domestic reciprocal shallannually obtain from its attorney an audited financial report of theattorney's financial position and the results of its operations as related toits management of the reciprocal. A copy of the report shall be filed withthe Commission.

B. Unless the Commission provides otherwise in writing, the report requiredby this section shall be due within 120 days after the end of the attorney'sfiscal year, shall be prepared in conformity with generally acceptedaccounting practices, and shall be audited by an independent certified publicaccountant.

C. If the attorney obtains an independent audit on a consolidated basis, theaudited consolidated financial statements shall satisfy the requirements ofthis section provided the attorney's financial position and results of itsoperation as related to its management of the reciprocal are separatelydisclosed.

D. The report filed pursuant to this section and any information provided inconnection with the preparation of such report shall not be open to publicinspection and shall receive confidential treatment by the Commission.

(1996, c. 304.)