How often must insurers submit their financial statements to the Department?

Insurers are required to submit their financial statements to the Department annually. This requirement is in place to ensure that the Department can effectively monitor the financial health and solvency of insurance companies. By receiving financial statements once a year, regulators can assess the overall stability, performance, and compliance of the insurers in question.

Annual submissions allow for a comprehensive review over a longer period, enabling the identification of trends and areas that may require closer scrutiny. This frequency of reporting strikes a balance between ensuring that regulatory authorities maintain oversight of the insurance market while not placing an undue burden on insurers to provide excessively frequent updates.