2006 Code of Virginia § 38.2-4307 - Annual statement

38.2-4307. Annual statement.

A. Each health maintenance organization shall file a statement with theCommission annually by March 1. The statement shall be verified by at leasttwo principal officers and shall cover the preceding calendar year. Eachhealth maintenance organization shall also send a copy of the statement tothe State Health Commissioner.

B. The statement shall be on forms prescribed by the Commission and shallinclude:

1. A financial statement of the organization, including its balance sheet andincome statement for the preceding year;

2. Any material changes in the information submitted pursuant to subsection Bof 38.2-4301;

3. The number of persons enrolled during the year, the number of enrollees asof the end of the year and the number of enrollments terminated during theyear; and

4. Any other information relating to the operations of the health maintenanceorganization required by the Commission pursuant to this chapter or Chapter58 ( 38.2-5800 et seq.) of this title.

C. If the health maintenance organization is audited annually by anindependent certified public accountant, a copy of the certified audit reportshall be filed annually with the Commission by June 30.

D. The Commission may extend the time prescribed for filing annual statementsor other reports or exhibits of any health maintenance organization for goodcause shown. However, the Commission shall not extend the time for filingannual statements beyond sixty days after the time prescribed by subsection Aof this section. Any health maintenance organization which fails to file itsannual statement within the time prescribed by this section shall be subjectto a fine as specified in 38.2-218.

E. The Commission may prescribe the form of the annual statement andsupplemental schedules and exhibits to include additional copies inmachine-readable format, and may vary the form requirements for differenttypes of health maintenance organizations. However, as far as practicable,the form for annual statements, supplementary schedules, and exhibits shallbe the same as other such forms in general use in the United States. Unlessotherwise prescribed by the Commission, such annual statements shall beprepared using an annual statement convention blank developed by the NationalAssociation of Insurance Commissioners (NAIC). The annual statement, andsupplementary schedules and exhibits required by this section, shall beprepared in accordance with the appropriate annual statement instructions andthe accounting practices and procedures manual adopted by the NAIC, or anysuccessor publications.

F. At the request of the Commission, a health maintenance organization thatis licensed under this chapter shall annually on or before March 1 of eachyear, file with the NAIC a copy of its annual statement convention blank,along with such additional filings as prescribed by the Commission for thepreceding year. Unless otherwise prescribed by the Commission, theinformation filed with the NAIC shall be in the same format and scope as thatrequired by the Commission and shall include the signed jurat page and anyactuarial certification required by the Commission. Any amendments andaddenda to the annual statement filed subsequently with the Commission shallalso be filed with the NAIC.

(1980, c. 720, 38.1-870; 1986, c. 562; 1987, c. 520; 1998, c. 891; 1999, c.482.)