| Chairman
Linda W. Cropp at
the/request of the Mayor
A BILL IN THE COUNCIL OF THE
DISTRICT OF COLUMBIA
Chairman Linda W. Cropp, at
the request of the Mayor, introduced the following Bill which was referred
to the Committee on Finance and Revenue.
To amend the Annual Audited
Financial Reports Act of 1993 to adopt a model amendment drafted by the
National Association of Insurance Commissioners ("NAIC")
eliminating a requirement that annual audit financial reports include
notes to financial statements as required by generally accepted accounting
principles and adding a requirement that annual audited financial reports
include notes to financial statements as required by the NAIC Accounting
Practices and Procedures Manual.
BE IT ENACTED BY THE COUNCIL
OF THE DISTRICT OF COLUMBIA
That this act may be cited as
the "Annual Audited Financial Reports Amendment Act of 2001".
Sec. 2. Section 4(6) of the
Annual Audited Financial Reports Act of 1993, effective October 21, 1993
(D.C. Law 10-48; D.C. Code §35-3203) is amended as follows:
"Sec. 4(6) Notes to
financial statements, including notes required by the appropriate NAIC
annual statement instructions and the NAIC
Accounting Practices and Procedures Manual.
The notes shall include a reconciliation of differences, if any, between
the audited statutory financial statements and the Annual Statement filed
pursuant to Section 3(a) of the Annual Audited Financial Reports Act of
1993, effective October'-) 1, 1993 (D.C. Law 10-48; D.C. Code §35-3202),
with a written description of the nature of these differences.".
Sec. 3. Conflicts of laws.
In the event any provision of
this act is found in conflict with any provision
of any other law in the District of Columbia, this act shall govern.
Sec. 4. Fiscal impact
statement.
The Council adopts the fiscal
impact statement in the committee report as the fiscal impact statement
required by section 602(c)(3) of the District of Columbia Home Rule Act,
approved December 24, 1973 (87 Stat. 813; D.C. Code §1-233 (c)(3)).
Sec. 5. Effective date.
This act shall take effect
following approval by the Mayor (or in the event of veto by the Mayor,
action by the Council to override the veto), approval by the Financial
Responsibility and Management Assistance Authority as provided in section
203(a) of the District of Columbia Financial Responsibility and Management
Assistance Act of 1995, approved April 17, 1995 (109 Stat. 116; D.C. Code
§ 47-392.3(a)), and a 30-day period of Congressional review as provided
in section 602 (c) (1) of the District of Columbia Home Rule Act, approved
December 24, 1973 (87 Stat. 813; D.C. Code §1-233(c) (1)), and
publication in the District of Columbia Register.
SECTION-BY-SECTION ANALYSIS
OF THE ANNUAL
AUDITED FINANCIAL REPORTS AMENDMENT ACT OF
2001
Section 2 Section 2 of the Bill amends section 4(6)
of the Annual Audited Financial Reports Act of 1993 by adopting a model
amendment drafted by the National Association of Insurance Commissioners
("NAIC") eliminating the requirement that annual audited
financial reports include notes to financial statements as required by
generally accepted accounting principles, and adding a requirement that
annual audited financial reports include notes to financial statements as
required by the NAIC Accounting Practices and Procedures Manual.
Section 3-Conflicts of Laws
Section 3 of the Bill provides that in the event
any provision of the act is found to conflict with any other law, the act
shall govern.
Section 4. Fiscal Impact
Section 4 of the Bill is the fiscal impact
statement required by section 602(c)(3) of the District of Columbia Home
Rule Act, approved December 24, 1973 (87 Stat. 813; D.C. Code § 1-233
(c)(3)).
Section 5-Effective Date
Section 5 of the Bill provides that this act
shall take effect following approval by the Mayor (or in the event of veto
by the Mayor, action by the Council to override the veto), approval by the
Financial Responsibility and Management Assistance Authority as provided
in section 203(a) of the District of Columbia Financial Responsibility and
Management Assistance Act of 1995, approved April 17, 1995 (109 Stat. 116;
D.C. Code §47-392.3(a)), a 60-day period of Congressional review as
provided in section 602 (c)(2) of the District of Columbia Home Rule Act,
approved December 24, 1973 (87 Stat. 813; D.C. Code §1-233(c)(2)), and
publication in the District of Columbia Register. |
