CODE OF VIRGINIA

FILING OF ANNUAL FINANCIAL STATEMENTS, DEFICIT CORRECTION FINANCIAL PLAN WITH
STATE CORPORATION COMMISSION REQUIRED (§ 15.2-2707)

Each group self-insurance pool created in the Commonwealth shall file with the
State Corporation Commission and with the members of the pool audited financial
statements certified by an independent certified public accountant within 120
days after the end of the pool’s fiscal year. If a group self-insurance
pool fails to file the audited financial statements as required, the Commission
may perform the audit and the group self-insurance pool shall reimburse the
Commission for the cost of the audit.The Commission shall prescribe a uniform
reporting format for the preparation of pool-audited financial statements and
shall also devise a uniform accounting system to be used by group self-insurance
pools. The working papers of the certified public accountant and other records
pertaining to the preparation of the audited financial statements may be
reviewed by the Commission.If a group self-insurance pool is in a deficit
condition, the group self-insurance pool shall promptly file with the Commission
a financial plan to correct the deficit condition. If the plan is found to be
unacceptable by the Commission and written notice thereof is given to the
governing authority of the pool, delinquency proceedings may be commenced and
conducted by the Commission in accordance with the provisions of Chapter 15 (§
38.2-1500 et seq.) of Title 38.2.

HISTORY: 1986, cc. 520, 556, § 15.1-503.4:7; 1997, c. 587.