Arizona Revised Statutes Title 20. Insurance § 20-698. Annual audited financial reports

1. A foreign or alien insurer may be exempt from compliance with any or all of the annual financial reporting requirements if the director finds its domiciliary jurisdiction has a substantially similar law in effect and the insurer has filed its audited financial report and other required communications with the director as otherwise required by this article.

2. An insurer is required to file an audited financial report earlier than June 1, with ninety days' advanced notice to the insurer.

3. An extension of the June 1 filing date will be granted for thirty-day periods.

4. An exception will be granted to the rotation requirement for a lead audit partner for an insurer.

5. An individual meets the qualifications as an independent certified public accountant for the purposes of this article.

6. A financial or organizational hardship exemption will be granted to allow a qualified independent certified public accountant to perform nonaudit services for an insurer having direct written and assumed premiums of less than one hundred million dollars in any calendar year.

7. An insurer may file consolidated or combined audited financial statements in lieu of a separate annual audited financial statement if the insurer is part of a group of insurance companies that uses a pooling or one hundred per cent reinsurance agreement that affects the solvency and integrity of the insurer's reserves and the insurer cedes all of its direct and assumed business to the pool.

8. An insurer will be granted a hardship waiver of the audit committee requirements regarding independent audit committee members.

9. An insurer will be granted a financial or organizational hardship exemption from compliance with any or all of the annual financial reporting requirements.