Tex. Ins. Code Section 401.010
Requirements for Financial Statements in Audited Financial Report


(a)

An accountant must audit the financial reports provided by an insurer or health maintenance organization for purposes of an audit under this subchapter. The accountant who audits the reports must conduct the audit in accordance with generally accepted auditing standards or with standards adopted by the Public Company Accounting Oversight Board, as applicable, and must consider the standards specified in the Financial Condition Examiner’s Handbook adopted by the National Association of Insurance Commissioners or other analogous nationally recognized standards adopted by commissioner rule.

(b)

The financial statements included in the audited financial report must be prepared in a form and using language and groupings substantially the same as those of the relevant sections of the insurer’s or health maintenance organization’s annual statement filed with the commissioner. Beginning in the second year in which an insurer or health maintenance organization is required to file an audited financial report, the financial statements must also be comparative, presenting the amounts as of December 31 of the reported year and the amounts as of December 31 of the preceding year.
Added by Acts 2005, 79th Leg., Ch. 727 (H.B. 2017), Sec. 1, eff. April 1, 2007.
Amended by:
Acts 2007, 80th Leg., R.S., Ch. 730 (H.B. 2636), Sec. 3B.001(a), eff. September 1, 2007.
Acts 2007, 80th Leg., R.S., Ch. 921 (H.B. 3167), Sec. 9.001(a), eff. September 1, 2007.

Source: Section 401.010 — Requirements for Financial Statements in Audited Financial Report, https://statutes.­capitol.­texas.­gov/Docs/IN/htm/IN.­401.­htm#401.­010 (accessed Jun. 5, 2024).

401.001
Definitions
401.002
Purpose of Subchapter
401.003
Effect of Subchapter on Authority to Examine
401.004
Filing and Extensions for Filing of Audited Financial Report
401.005
Alternative Filing for Canadian or British Insurers or Health Maintenance Organizations
401.006
Exemption for Certain Small Insurers and Health Maintenance Organizations
401.007
Exemption for Certain Foreign or Alien Insurers or Health Maintenance Organizations
401.008
Hardship Exemption
401.009
Contents of Audited Financial Report
401.010
Requirements for Financial Statements in Audited Financial Report
401.011
Qualifications of Accountant
401.012
Hearing on Accountant Qualifications
401.013
Accountant’s Letter of Qualifications
401.014
Registration of Accountant
401.015
Resignation or Dismissal of Accountant
401.016
Audited Combined or Consolidated Financial Statements
401.017
Notice of Adverse Financial Condition or Misstatement of Financial Condition
401.018
Information Discovered After Date of Audited Financial Report
401.019
Report on Significant Deficiencies in Internal Control
401.020
Accountant Work Papers
401.021
Penalty for Failure to Comply
401.051
Duty to Examine Carriers
401.052
Frequency of Examination
401.053
Examination Period
401.054
Powers Related to Examination
401.055
Effect of Subchapter on Authority to Use Information
401.056
Rules Related to Reports and Hearings
401.057
Use of Audit and Work Papers
401.058
Confidentiality of Reports and Related Information
401.059
Determination of Value
401.060
Right to Information Relating to Determination of Value or Market Value
401.061
Disciplinary Action for Failure to Comply with Subchapter
401.062
Stay of Rule, Order, Decision, or Finding
401.101
Use of Department Examiner or Other Qualified Person or Firm
401.102
Legislative Intent as to Appointment or Employment of Examiners and Actuaries
401.103
Appointment of Examiners and Actuaries
401.104
Appointment of Examiners, Actuaries, and Other Persons for Certain Examinations
401.105
Oath of Examiners and Assistants
401.106
Right of Action on Bond
401.107
Registration of Contract Examiners
401.151
Expenses of Examination of Domestic Insurer
401.152
Expenses of Examination of Other Insurers
401.153
Reimbursement of Expenses of Certain Persons or Firms
401.154
Tax Credit Authorized
401.155
Additional Assessments
401.156
Deposit and Use of Assessment and Fee
401.201
Confidentiality of Early Warning System Information
401.251
Definitions
401.252
Self-directed Budget
401.253
Audits
401.254
Records
401.255
Membership in Employees Retirement System

Accessed:
Jun. 5, 2024

§ 401.010’s source at texas​.gov