§16-185-110 - Communication of internal control related matters noted in an audit.

§16-185-110 Communication of internal control related matters noted in an audit. (a) In addition to the annual audited financial report, each insurer shall furnish the commissioner with a written communication as to any unremediated material weaknesses in its internal control over financial reporting noted during the audit. Such communication shall be prepared by the accountant within sixty days after the filing of the annual audited financial report, and shall contain a description of any unremediated material weakness as of December 31 immediately preceding, so as to coincide with the audited financial report discussed in section 16-185103, Hawaii Administrative Rules, in the insurer's internal control over financial reporting noted by the accountant during the course of their audit of the financial statements. The communication should state if no unremediated material weaknesses were noted.

         (b) The insurer is required to provide a description of remedial actions taken or proposed to correct unremediated material weaknesses, if the actions are not described in the accountant's communication.

        [Eff 2/04/10; am and comp 12/30/19] (Auth: HRS §431:2-201) (Imp: HRS §§431:2-201, 431:3-302.5)

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