Regulations for the Accounting Arrangement and Procedure of Submitting Business and Financial Reports of Compulsory Automobile Liability Insurance Article 9

The insurer shall prepare the statements below in the format required by the competent authority:1. A statement of assets and liabilities for compulsory automobile liability insurance; a statement of compulsory automobile liability insurance earnings and expenses.2. A calculation table of special reserves for compulsory automobile liability insurance.3. A calculation table of unearned premium reserves for compulsory automobile liability insurance.4. A calculation table of loss reserves for compulsory automobile liability insurance.5. A statement of utilization of funds for compulsory automobile liability insurance.6. A statement of business expenses for compulsory automobile liability insurance.An insurer shall prepare the statements listed in subparagraphs 1 through 5 of the preceding paragraph and transmit the data by the 25th day of next month to the institutions designated by the competent authority.An insurer shall produce semiannual statements for the items set forth in subparagraphs 1 through 5 of the first paragraph and file them to the competent authority by the end of August each year after auditing and attestation by a certified public accountant. The statements under subparagraphs 2 through 4 shall additionally be audited and attested by an actuary and be reported to the competent authority prior to the end of August each year.An insurer shall prepare annual statements for the items set forth in subparagraphs 1 through 6 of the first paragraph, and file them with the competent authority by the end of April of the following year after auditing and attestation by a certified public accountant. The statements set forth in subparagraphs 2 through 4 and subparagraph 6 shall also be audited and attested by an actuary and reported to the competent authority prior to the end of March of the following year.