054.00.25-6. Designation of Independent Certified Public Accountant
AR ADC 054.00.25-6Arkansas Administrative Code
Ark. Admin. Code 054.00.25-6
054.00.25-6. Designation of Independent Certified Public Accountant
A. Each insurer required by this Rule to file an annual Audited Financial Report must, within sixty (60) days after becoming subject to the requirement, register with the Commissioner in writing the name and address of the independent certified public accountant or accounting firm retained to conduct the annual audit set forth in this Rule. Insurers not retaining an independent certified public accountant on the effective date of this Rule shall register the name and address of their retained independent certified public accountant not less than six (6) months before the date when the first Audited Financial Report is to be filed.
B. The insurer shall obtain a letter from the accountant, and file a copy with the Commissioner, simultaneously with the registration required in Section 6(A), stating that the accountant is aware of the provisions of the insurance laws and rules of the insurance department of the state of domicile that relate to accounting and financial matters and affirming that the accountant will express his or her opinion on the financial statements in terms that conform to the statutory accounting practices prescribed or otherwise permitted by that insurance department, specifying such exceptions as he or she may believe are appropriate.
(2) Furnish the Commissioner with a separate letter within ten (10) business days of the above notification stating whether in the twenty-four (24) months preceding such event there were any disagreements with the former accountant on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure and which disagreements, if not resolved to the satisfaction of the former accountant, would have caused him or her to make reference to the subject matter of the disagreement in connection with his or her opinion. The disagreements required to be reported in response to this section include both those resolved to the former accountant's satisfaction and those not resolved to the former accountant's satisfaction. Disagreements contemplated by this section are those that occur at the decision-making level, i.e., between personnel of the insurer responsible for presentation of its financial statements and personnel of the accounting firm responsible for rendering its report.
Credits
Amended Nov. 5, 2009.
Current with amendments received through February 15, 2024. Some sections may be more current, see credit for details.
Ark. Admin. Code 054.00.25-6, AR ADC 054.00.25-6
End of Document |