# COMAR 31.05.11.04: COMAR 31.05.11.04. Contents of Annual Audited Financial Report > Maryland · Regulations · In force URL: https://www.frixlaw.com/law-library/statutes/STATE_MD_COMAR_31_05_11_04 ## Section - **Citation:** COMAR 31.05.11.04 - **Heading:** COMAR 31.05.11.04. Contents of Annual Audited Financial Report - **Jurisdiction:** Maryland - **Kind:** Regulations - **Status:** In force - **Text as of:** August 14, 2026 - **Source:** Compiled text - **Location:** Code of Maryland Regulations / Title 31 MARYLAND INSURANCE ADMINISTRATION / Subtitle 05 ASSETS, LIABILITIES, RESERVES, AND INVESTMENTS OF INSURERS / Chapter 11 Annual Financial Reporting / COMAR 31.05.11.04 ## Text A. The annual audited financial report shall report the financial position of the insurer as of the end of the most recently ended calendar year and the results of its operations, cash flows, and changes in capital and surplus for the year then ended in conformity with statutory accounting practices prescribed, or otherwise permitted, by the department of insurance of the state of domicile. B. The annual audited financial report shall include the following: (1) Report of independent certified public accountant; (2) Balance sheet reporting admitted assets, liabilities, capital, and surplus; (3) Statement of operations; (4) Statement of cash flow; (5) Statement of changes in capital and surplus; and (6) Notes to financial statements, which shall: (a) Be those required by the appropriate NAIC Annual Statement Instructions and the NAIC Accounting Practices and Procedures Manual; and (b) Include a reconciliation of differences, if any, between the audited statutory financial statements and the annual statement filed with the Commissioner, with a written description of the nature of these differences. C. Form. (1) Except as provided in §C(2) of this regulation , the financial statements included in the audited financial report shall: (a) Be prepared in a form and using language and groupings substantially the same as the relevant sections of the annual statement of the insurer filed with the Commissioner; and (b) Be comparative, presenting the amounts as of December 31 of the most recently ended year, and the amounts as of the immediately preceding December 31. (2) In the first year in which an insurer is required to file an audited financial report, the comparative data may be omitted. Cross References 31.05.11.02B(4) 31.05.11.08A ## Nearby sections - [COMAR 31.05.11.01 COMAR 31.05.11.01. Purpose and Scope](https://www.frixlaw.com/law-library/statutes/STATE_MD_COMAR_31_05_11_01.md) - [COMAR 31.05.11.02 COMAR 31.05.11.02. Definitions](https://www.frixlaw.com/law-library/statutes/STATE_MD_COMAR_31_05_11_02.md) - [COMAR 31.05.11.03 COMAR 31.05.11.03. Filing and Extensions for Filing Audited Financial Reports; Audit Committee Appointment](https://www.frixlaw.com/law-library/statutes/STATE_MD_COMAR_31_05_11_03.md) - [COMAR 31.05.11.04 COMAR 31.05.11.04. Contents of Annual Audited Financial Report](https://www.frixlaw.com/law-library/statutes/STATE_MD_COMAR_31_05_11_04.md) - [COMAR 31.05.11.05 COMAR 31.05.11.05. Designation of Independent Certified Public Accountant](https://www.frixlaw.com/law-library/statutes/STATE_MD_COMAR_31_05_11_05.md) - [COMAR 31.05.11.06 COMAR 31.05.11.06. Qualifications of Independent Certified Public Accountant](https://www.frixlaw.com/law-library/statutes/STATE_MD_COMAR_31_05_11_06.md) - [COMAR 31.05.11.07 COMAR 31.05.11.07. Consolidated or Combined Audits](https://www.frixlaw.com/law-library/statutes/STATE_MD_COMAR_31_05_11_07.md) - [COMAR 31.05.11.08 COMAR 31.05.11.08. Scope of Audit and Report of Independent Certified Public Accountant](https://www.frixlaw.com/law-library/statutes/STATE_MD_COMAR_31_05_11_08.md) - [COMAR 31.05.11.09 COMAR 31.05.11.09. Notification of Adverse Financial Condition](https://www.frixlaw.com/law-library/statutes/STATE_MD_COMAR_31_05_11_09.md) - [COMAR 31.05.11.10 COMAR 31.05.11.10. Communication of Internal Control Related Matters Noted in an Audit](https://www.frixlaw.com/law-library/statutes/STATE_MD_COMAR_31_05_11_10.md) - [COMAR 31.05.11.11 COMAR 31.05.11.11. Accountant's Letter of Qualifications](https://www.frixlaw.com/law-library/statutes/STATE_MD_COMAR_31_05_11_11.md) - [COMAR 31.05.11.12 COMAR 31.05.11.12. Definition, Availability, and Maintenance of Independent Certified Public Accountant's Workpapers](https://www.frixlaw.com/law-library/statutes/STATE_MD_COMAR_31_05_11_12.md) - [COMAR 31.05.11.13 COMAR 31.05.11.13. Requirements for Audit Committees](https://www.frixlaw.com/law-library/statutes/STATE_MD_COMAR_31_05_11_13.md) - [COMAR 31.05.11.14 COMAR 31.05.11.14. Internal Audit Function Requirements](https://www.frixlaw.com/law-library/statutes/STATE_MD_COMAR_31_05_11_14.md) --- Source: Frix Law Library, https://www.frixlaw.com/law-library/statutes/STATE_MD_COMAR_31_05_11_04. Check the current official text before relying on it. Not legal advice.