New Mexico Statutes 52-6-12. Financial statements; other reports
A. Each group shall submit to the director a statement of financial condition audited by an independent certified public accountant on or before the last day of the sixth month following the end of the group’s fiscal year. The financial statement shall be on a form prescribed by the director and shall include actuarially appropriate reserves for:
Terms Used In New Mexico Statutes 52-6-12
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
(1) known claims and associated expenses;
(2) claims incurred but not reported and associated expenses; (3) unearned premiums; and
(4) bad debts, which reserves shall be shown as liabilities. An actuarial opinion regarding reserves for:
(a) known claims and associated expenses; and
(b) claims incurred but not reported and associated expenses shall be included in the audited financial statement. The actuarial opinion shall be given by a member of the American academy of actuaries or other qualified loss reserve specialist as defined in the annual statement adopted by the national association of insurance commissioners.
B. The director may prescribe the format and frequency of other reports, which may include payroll audit reports, summary loss reports and quarterly financial statements.