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(215 ILCS 5/107a.12)
Sec. 107a.12. Annual statement.
(a) A pool authorized to do business in this State shall file with the
Director by March
1st in each year 2 copies of its financial statement for the year ending
December 31st
immediately preceding on forms prescribed by the Director, which shall conform
substantially to
the form of statement adopted by the National Association of Insurance
Commissioners. Unless
the Director provides otherwise, the annual statement is to be prepared in
accordance with the
annual statement instructions and the Accounting Practices and Procedures
Manual adopted by
the National Association of Insurance Commissioners. The Director may
promulgate rules for
determining which portions of the annual statement instructions and Accounting
Practices and
Procedures Manual adopted by the National Association of Insurance
Commissioners are
germane for the purpose of ascertaining the condition and affairs of a pool.
(b) The Director shall have authority to extend the time for filing any
statement by any
pool for reasons that he considers good and sufficient. The admitted assets
shall be shown in the
statement at the actual values as of the last day of the preceding year, in
accordance with Section
126.7 of this Code. The statement shall be verified by oaths of a majority of
the trustees
or directors of the
pool. In addition, when the Director considers it to be necessary and
appropriate for the
protection of policyholders, creditors, shareholders, or claimants, the
Director may require the
pool to file, within 60 days after mailing to the pool a notice that a
supplemental summary
statement is required, a supplemental summary statement, as of the last day of
any calendar
month occurring during the 100 days next preceding the mailing of the notice,
designated by him
or her on forms prescribed and furnished by the Director. The Director may
require supplemental
summary statements to be certified by an independent actuary deemed competent
by the Director
or by an independent certified public accountant.
(c) On or before June 1 of each year, a pool shall file with the Director an
audited financial
statement reporting the financial condition of the pool as of the end of the
most recent calendar year
and changes in the surplus funds for the year then ending. The annual audited
financial report shall
include the following:
(1) a report of an independent certified public |
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(2) a balance sheet reporting assets, as defined in
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| this Article, liabilities, and surplus funds;
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(3) a statement of gain and loss from operations;
(4) a statement of changes in financial position;
(5) a statement of changes in surplus funds; and
(6) the notes to financial statements.
(d) The Director shall require a pool to file an independent actuarial
opinion
as to the
sufficiency of the loss and loss adjustment expense reserves. This opinion
shall be due on March 1 of
each year.
(Source: P.A. 102-135, eff. 1-1-22.)
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