Rules
Governing Annual Audited Financial Reports
(14 VAC 5-270)
The current version of 14 VAC 5-270 is
entitled Rules Governing Annual Audited
Financial Reports, and is effective
through December 31, 2009. The revised
version of 14 VAC 5-270 will become effective
January 1, 2010, and will be renamed Rules
Governing Annual Financial Reporting.
The revised version (effective January
1, 2010) requires insurers and designated
entities to comply with certain best business
practices related to auditor independence,
corporate governance, and internal controls
over financial reporting. These revisions
have been promulgated in advance to assist
companies in planning and preparing for
compliance before the new requirements
become effective. In addition, an Implementation
Guide for the Annual Financial Reporting
Model Regulation has been adopted
by the National Association of Insurance
Commissioners and may be viewed at the
following link:
http://www.naic.org/documents/committees_e_naic_aicpa_implementation_guide_exposed-Final_0314.pdf