(a) As required in Insurance Code §964.060(b)(2) and subject to the filing requirements of Insurance Code Chapter 401, Subchapter A, the captive insurance company must file with the department by June 1 of each year, a report of the captive insurance company's financial condition at last year end. The report must include a qualified accountant's opinion of the captive insurance company's financial condition.(b) The opinion must meet the requirements of Insurance Code Chapter 401, Subchapter A, and §7.85 and §7.88 of this title (relating to Audited Financial Reports and Independent Audits of Insurer and HMO Financial Statements and Insurer and HMO Internal Control over Financial Reporting).