A. In addition to the annual Audited Financial Report, each insurer shall furnish the Commissioner with a written communication as to any un-remediated material weaknesses in its Internal Control Over Financial Reporting noted during the audit. Such communication shall be prepared by the accountant within sixty (60) days after the filing of the annual Audited Financial Report, and shall contain a description of any un-remediated material weakness (as the term “material weakness” is defined by Statement on Auditing Standard 60, Communication of Internal Control Related Matters Noted in an Audit, or its replacement) in the insurer's Internal Control Over Financial Reporting noted by the accountant during the course of their audit of the financial statements as of December 31 immediately preceding. If no un-remediated material weaknesses were noted, the communication should so state.

B. The insurer is required to provide a description of remedial actions taken or proposed to correct un-remediated material weaknesses, if the actions are not described in the accountant's communication.