(a) On at least a calendar year basis, each network must prepare financial statements in accordance with generally accepted accounting principles, which must include:
  (1) a balance sheet;
  (2) an income statement;
  (3) a cash flow statement;
  (4) a statement of equity; and
  (5) a supplemental description of the network's basic organizational structure, general business relationships, and management.
(b) On or before April 1st of each year, each network must provide the network's financial statement required by subsection (a) of this section to:
  (1) each carrier with which the network contracts to facilitate carrier and network compliance under Insurance Code §1305.154(c), concerning Network-Carrier Contracts; and §1305.155, concerning Compliance Requirements; and §10.41 of this title (relating to Network-Carrier Contracts); and
  (2) the department by sending the financial statement to the department's workers' compensation network email address.

Source Note: The provisions of this §10.24 adopted to be effective December 5, 2005, 30 TexReg 8099; amended to be effective August 2, 2022, 47 TexReg 4534