Some of us remember the famous television commercials that asked the question, “How do you spell relief?” As independent auditors, we have seen many public events postponed or canceled as well as extensions granted for filing deadlines by the Internal Revenue Service, and we’ve anxiously anticipated some R-E-L-I-E-F for our insurance company clients domiciled in Texas. Our wait was over last week as the Texas Department of Insurance (TDI) provided notification early Friday morning of updates to its modified filings chart found by clicking here.
Among the updates were 30-day extensions for March 31, 2020, quarterly statements ordinarily due May 15, as well as extensions for the Supplemental, Holding Company, and Actuarial Filings. The TDI provides a complete updated list of extended deadlines by clicking here.
TDI also granted 60-day extensions for the annual audited financial report ordinarily due June 1 (28 TAC Chapter 7, Rule 7.88(d)(1)) for most Texas-licensed insurers and June 30 (28 TAC Chapter 7, Rule 7.88(d)(2)) for Texas-licensed insurers doing business exclusively in Texas.
These extensions may provide relief to insurers’ management and workers who have been either rotating with coworkers on a staggered scheduling basis or working remotely from home. The logistics present challenges as they struggle to compile the necessary documentation for auditors to conduct appropriate and sufficient audit procedures to complete the audit engagements by the deadlines.
While some of us may be tempted to sit on the sofa and watch a few more episodes of our favorite Netflix series, TDI reminded us that while the deadlines are extended, “you are encouraged to submit as soon as possible.”