(1) The financial statements which must be filed annually with the commissioner must include the following:

(a) balance sheet;

(b) statement of gain or loss from operations;

(c) statement of changes in financial position;

(d) statement of changes in capital paid up, gross paid in and contributed surplus and unassigned funds (surplus) ; and

(e) notes to the financial statements.

(2) The notes to the financial statement shall be those required by generally accepted accounting principles, and shall include:

(a) a reconciliation of differences, if any, between the audited financial report and the statement or form filed with the commissioner; and

(b) a summary of ownership and relationship of the company and all affiliated corporations or companies insured by the captive.

(3) Any pure captive insurance company, branch captive insurance company, industrial insured captive insurance company, or association captive insurance company may make written application for filing the required report on a fiscal year-end basis. If a fiscal year-end reporting date is granted:

(a) the required report is due 60 days after the fiscal year-end; and

(b) in order to provide sufficient information to support the premium tax return, the captive insurance company shall file, prior to March 1 of each year for the prior calendar year-end, a report acceptable to the commissioner.