NAC616B.555. Financial statement by each member: Submission; inspection; exception.

     1. Except as otherwise provided in subsection 3, each approved member of an association shall, within 120 days after the close of the fiscal year of the member, submit to the association’s administrator or an independent certified public accountant who has been designated by the board of trustees of the association a financial statement for the member which:

     (a) Has been prepared by a certified public accountant in accordance with generally accepted accounting principles of the United States; and

     (b) Is stated in United States dollars.

     2. The association must make all financial statements received from members pursuant to this section available for inspection by the Commissioner or a designee thereof.

     3. The members of an association that has provided a solvency bond to the Commissioner are not required to comply with this section.

     (Added to NAC by Comm’r of Insurance, eff. 3-22-96)