How often must a professional bondsman or MCA submit an audited financial statement to the insurance commissioner?

• A. Every two years
• B. On request
• C. Quarterly
• D. Every year

Answer: (D)

The key idea is regulatory financial reporting frequency for licensees. An audited financial statement, prepared by a certified public accountant, provides an independent view of a licensee’s assets, liabilities, and overall financial health. For professional bondsmen and MCAs, annual submission to the insurance commissioner is the standard requirement to show they have the resources to meet their obligations and to protect consumers. That’s why submitting the statement every year is the correct answer. Submitting biannually, on request, or quarterly does not align with the typical ongoing oversight aimed at ensuring solvency and stability.