What must every authorized insurance company submit to the regulator annually?

Every authorized insurance company is required to submit specific reports to regulators to ensure compliance with regulations and to maintain transparency regarding their financial health and operational performance. The correct answer is the Solvency and Financial Condition Report (SFCR) and the Regulator Supervisory Report (RSR).

These reports are crucial as they provide a comprehensive overview of the insurer's solvency position, governance, risk management, and financial condition. The SFCR includes detailed information about the company's financial status, including assets, liabilities, and the overall risk profile, while the RSR is meant for the regulator's internal use, allowing them to assess the insurer's compliance with regulatory standards and ongoing health.

In contrast, while financial reports and audit reports are important, they do not encompass the specialized content required by regulations for insurers. Similarly, quarterly performance reviews and insurance product reviews with client feedback are valuable tools for internal assessment and customer service improvement but are not mandatory submissions to regulators as part of the annual reporting process. Thus, the requirement focuses specifically on the SFCR and RSR to ensure the insurer's long-term viability and compliance with legal obligations.