How often must an insurance company file its financial statements with the state?

Insurance companies are required to file their financial statements with the state on an annual basis. This requirement is in place to ensure that the insurance companies maintain transparency and regulatory compliance, providing regulators with a comprehensive overview of their financial health and operations over the preceding year. Annual filings allow for an adequate assessment of the insurer's solvency, risk exposure, and overall financial stability, which are crucial for protecting policyholders and maintaining trust in the insurance system. Additionally, the annual filing requirement aligns with the fiscal reporting practices of many organizations, making it a manageable frequency for both the companies and regulatory bodies.