(1) All self-insured employer-organized association groups shall file with the commissioner a statement of financial condition audited by an independent certified public accountant on or before one hundred twenty (120) days from the end of the group's fiscal year for the immediately preceding fiscal year. The financial statement shall be in a form approved by the commissioner and shall include:
(a) Actuarially appropriate reserves for:
1. Known claims and expenses associated therewith.
2. Claims incurred but not reported and any expenses associated therewith.
3. Unearned contributions and assessments.
4. Bad debts, which reserves shall be known as liabilities.
(b) An actuarial opinion by a qualified actuary and a supporting reserve study regarding reserves for known claims and expenses associated therewith. The reserve study shall include documentation sufficient for another actuary practicing in the same field to evaluate the work. The documentation shall describe clearly the sources of data, material assumptions, and methods.
(2) No person shall make a deceptive statement or fail to correct a misstatement in connection with the solicitation of membership of a group.
(3) The financial statements required by this section shall be completed in accordance with administrative regulations promulgated by the commissioner.