§16-185-111 - Accountant's letter of qualifications.

§16-185-111 Accountant's letter of qualifications. The accountant shall furnish the insurer in connection with, and for inclusion in, the filing of the annual audited financial report, a letter stating:

         (a) That the accountant is independent with respect to the insurer and conforms to the standards of the accounting profession, as contained in the Code of Professional Ethics of the American Institute of Certified Public Accountants, chapter 466, HRS, chapter 16-71, Hawaii Administrative Rules, and the Hawai"i Board of Public Accountancy, or similar statutes, rules, and code of conduct regulating the practice of accountancy in the state in which the accountant is licensed to practice;

         (b) The background and experience in general, and the experience in audits of insurers of the staff assigned to the engagement and whether each is an independent certified public accountant. Nothing within this chapter shall be construed as prohibiting the accountant from utilizing such staff as he or she deems appropriate where that use is consistent with the standards prescribed by generally accepted auditing standards;

         (c) That the accountant understands the annual audited financial report and his or her opinion thereon will be filed in compliance with this chapter and that the commissioner will be relying on this information in the monitoring and regulation of the financial position of insurers;

         (d) That the accountant consents to the requirements of section 16-185-112 and consents and agrees to make available for review by the commissioner, or the commissioner's designee or appointed agent, the workpapers as defined in section 16-185-112, Hawaii Administrative Rules;

         (e) A representation that the accountant is properly licensed by an appropriate state licensing authority and is a member in good standing in the American Institute of Certified Public Accountants; and

         (f) A representation that the accountant is in compliance with the requirements of section 16-185-106, Hawaii Administrative Rules.

        [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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