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| 3. Audits required. All insurers, excepting insurers transacting | | business in this State pursuant to the terms of chapter 51, shall | | cause to be conducted an annual audit by an independent certified | public accountant and | | financial report with the superintendent on or before June 1st for | | the year ending December 31st preceding. An extension of the filing | | deadline may be granted by the superintendent upon a showing by the | | insurer or its accountant that there exists valid justification for | | such an extension. A foreign or alien insurer shall file an | | audited financial report upon the superintendent's request. A firm | | of independent certified public accountants engaged to perform an | | audit of an insurer shall substitute the appointed audit partner in | | charge with another audit partner in charge at least once every 7 | | years. An accountant substituted for pursuant to this subsection | | may not serve as a partner in charge of that audit until 2 years | from |
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| | | Sec. 6. 24-A MRSA §221-A, sub-§4, ¶D, as amended by PL 1993, c. 313, | | §6, is further amended to read: |
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| | | D. The statement must include an independent certified | | public accountant's letter, in conformance with standards | | established by the National Association of Insurance | | Commissioners, attesting to that certified public | | accountant's qualifications, possession of license and | | subscription to the code of professional ethics and | | pronouncements issued by the American Institute of Certified | | Public Accountants. |
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| | | Sec. 7. 24-A MRSA §221-A, sub-§§6 and 7, as enacted by PL 1985, c. 330, | | §1, are amended to read: |
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| | | 6. Application and effective date. For those insurers doing | business in this State which | | the filing of the initial annual audited financial reports | required under this section shall be | | covering the calendar year December 31, 1985. Similar recurring | reports shall be30th |
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| | | 7. Exemptions. Upon written application of any insurer | | subject to this section, the superintendent may grant an | | exemption of the filing requirements under this section if the | | superintendent finds upon review of the application that | | compliance would constitute a financial hardship upon the | | insurer. |
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| | If an insurer's annual statement reflects business in this State | | in an amount less than $100,000 in written premium for the |
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