# COMAR 31.05.11.07: COMAR 31.05.11.07. Consolidated or Combined Audits

> Maryland · Regulations · In force

URL: https://www.frixlaw.com/law-library/statutes/STATE_MD_COMAR_31_05_11_07

## Section

- **Citation:** COMAR 31.05.11.07
- **Heading:** COMAR 31.05.11.07. Consolidated or Combined Audits
- **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 31.05.11.07

## Text

A. An insurer may make written application to the Commissioner for approval to file audited consolidated or combined financial statements in lieu of separate annual audited financial statements if the insurer is part of a group of insurance companies that utilizes a pooling or 100 percent reinsurance agreement that affects the solvency and integrity of the insurer's reserves, and the insurer cedes all of its direct and assumed business to the pool.
B. When an insurer makes a written application as allowed by §A of this regulation , a columnar consolidating or combining worksheet shall be filed with the report, as follows:
(1) Amounts shown on the consolidated or combined audited financial report shall be shown on the worksheet;
(2) Amounts for each insurer subject to this section shall be stated separately;
(3) Noninsurance operations may be shown on the worksheet on a combined or individual basis;
(4) Explanations of consolidating and eliminating entries shall be included; and
(5) A reconciliation shall be included of any differences between the amounts shown in the individual insurer columns of the worksheet and comparable amounts shown on the annual statements of the insurers.

## 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)

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Source: Frix Law Library, https://www.frixlaw.com/law-library/statutes/STATE_MD_COMAR_31_05_11_07. Check the current official text before relying on it. Not legal advice.