§ 4-118. Qualified independent certified public accountants
West's Annotated Code of MarylandInsuranceEffective: October 1, 2010
Effective: October 1, 2010
MD Code, Insurance, § 4-118
§ 4-118. Qualified independent certified public accountants
(a) The Commissioner may not recognize any person as a qualified independent certified public accountant unless the person:
(b) Except as otherwise provided in this section, an independent certified public accountant shall be recognized as qualified as long as the accountant conforms to:
(c)(1)(i) A partner in an accounting firm responsible for preparing an audited financial report under § 4-116 of this subtitle for an insurer may not act in that capacity for more than 5 consecutive years for the same insurer.
(ii) If a partner in an accounting firm responsible for preparing an audited financial report under § 4-116 of this subtitle for an insurer exceeds 5 consecutive years in that capacity, the partner shall be disqualified from acting in the same or similar capacity for that insurer or its insurance subsidiaries or affiliates for a period of not less than 5 consecutive years.
(d) The Commissioner may not recognize as a qualified independent certified public accountant, or accept any audited financial report prepared in whole or in part by, any individual who:
(e)(1) Subject to §§ 2-210 through 2-215 of this article, the Commissioner may hold a hearing to determine whether a certified public accountant is qualified.
Credits
Added by Acts 1995, c. 475, § 2, eff. Oct. 1, 1997. Amended by Acts 2010, c. 120, § 1, eff. Oct. 1, 2010.
Formerly Art. 48A, § 58B.
MD Code, Insurance, § 4-118, MD INSURANCE § 4-118
Current through legislation effective through April 9, 2023, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
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