Maine Revised Statutes Title 24-A Sec. 6223 – Annual report
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The provider shall submit an annual report to the superintendent within 120 days after the end of the provider’s fiscal year. The annual report shall include: [PL 1987, c. 482, §1 (NEW).]
1. Financial statements. Financial statements of the provider, including, as a minimum, a balance sheet, income statement and a statement of changes in financial position, presented in conformance with generally accepted accounting principles and certified by an independent certified public accountant;
[PL 1987, c. 482, §1 (NEW); PL 1989, c. 343, §21 (AMD); PL 1989, c. 343, §23 (AFF).]
Terms Used In Maine Revised Statutes Title 24-A Sec. 6223
- Actuary: means a member of the American Academy of Actuaries who is also a member of the Society of Actuaries or the Casualty Actuarial Society and is qualified to sign a statement of actuarial opinion. See Maine Revised Statutes Title 24-A Sec. 6201
- Complaint: A written statement by the plaintiff stating the wrongs allegedly committed by the defendant.
- Fiscal year: means the provider's fiscal year. See Maine Revised Statutes Title 24-A Sec. 6201
- 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.
- National Association of Insurance Commissioners: means the National Association of Insurance Commissioners or its successor organization of insurance regulators. See Maine Revised Statutes Title 24-A Sec. 15
- Provider: means the owner of an institution, building, residence or other place, whether operated for profit or not, in which the owner undertakes to provide continuing care. See Maine Revised Statutes Title 24-A Sec. 6201
- Superintendent: means the Superintendent of Insurance. See Maine Revised Statutes Title 24-A Sec. 6201
- United States: includes territories and the District of Columbia. See Maine Revised Statutes Title 1 Sec. 72
1-A. Financial information.
[PL 1989, c. 343, §22 (NEW); PL 1989, c. 343, §23 (RP).]
2. Material changes. Any material changes in the information submitted pursuant to this chapter;
[PL 1995, c. 452, §31 (AMD).]
3. Report. A report of the total number and disposition of complaints handled through the provider complaint system and a compilation of causes underlying the complaints; and
[PL 1995, c. 452, §31 (AMD).]
4. Statement of financial condition. A full and true statement of the provider’s financial condition, transactions and affairs as of the end of its fiscal year. The report must be in the general form and context of, and require information as called for by, the form of the annual statement as currently in general and customary use in the United States for the type of provider and kind of community to be reported upon, with any useful or necessary modification or adaptation thereof and as supplemented by additional information required by the superintendent. The statement must be verified by either the provider’s president or vice-president, and either the secretary or actuary, as applicable, or in the absence of the foregoing, by 2 other principal officers.
The superintendent may adopt rules that prescribe accounting standards applicable to statements filed pursuant to this section. These rules may permit or require any provider to conform its financial presentations to the standards of preparation prescribed in the accounting practices and procedures manual of the National Association of Insurance Commissioners.
[PL 1995, c. 452, §32 (NEW).]
SECTION HISTORY
PL 1987, c. 482, §1 (NEW). PL 1989, c. 343, §§21-23 (AMD). PL 1995, c. 452, §§31,32 (AMD).