NAC680A.177. General requirements for filing; extensions; designation of audit committee.

     1. All insurers shall have an annual audit conducted by an independent certified public accountant and, except as otherwise provided in this subsection and subsection 2, shall file with the Commissioner an annual Audited Financial Report for each year on or before June 1 of the following year. The Commissioner may require an insurer to file an Audited Financial Report earlier than June 1 if the Commissioner provides at least 90 days’ advance notice to the insurer.

     2. Subject to the provisions of this subsection and NRS 680A.265, upon good cause shown by the insurer and its independent certified public accountant, the Commissioner may grant one or more 30-day extensions of the filing date. A request for an extension must be submitted in writing not less than 10 days before the date on which the annual Audited Financial Report is to be filed and must contain sufficient detail to permit the Commissioner to make an informed decision with respect to the requested extension.

     3. If an extension is granted pursuant to subsection 2 for filing the Audited Financial Report, a 30-day extension of the filing date of the Management’s Report on Internal Control Over Financial Reporting is also granted.

     4. Every insurer required to file an annual Audited Financial Report pursuant to NAC 680A.173 to 680A.211, inclusive, shall designate a group of individuals as its audit committee. The audit committee of an entity that controls an insurer may be deemed the audit committee of the insurer for purposes of NAC 680A.173 to 680A.211, inclusive.

     (Added to NAC by Comm’r of Insurance by R205-08, 11-25-2009, eff. 1-1-2010)