N.M. Admin. Code § 13.2.5.24 - INDEPENDENT CERTIFIED PUBLIC ACCOUNTANT'S LETTER OF QUALIFICATIONS

The ICPA shall furnish the insurer with a letter stating that:

A. that the ICPA is independent with respect to the insurer and conforms to the standards of the profession as contained in the code of professional ethics of the AICPA and the code of ethics and rules of professional conduct of the New Mexico state board of public accountancy, or similar code;

B. the background and experience in general, and the experience in audits of insurer's, of the staff assigned to the examination and whether each is an ICPA (however, nothing in this rule shall be construed as prohibiting the ICPA from utilizing such staff as is deemed appropriate if such use is consistent with generally accepted auditing standards);

C. the ICPA understands that the annual audited financial report and opinion shall be submitted in compliance with this rule and that the superintendent will rely on this information in the monitoring of the financial condition of insurer's;

D. the ICPA consents to the requirements of this rule regarding ICPA workpapers and agrees to make them available for review by the superintendent, or the superintendent's designee or appointed agent;

E. the ICPA is properly licensed by an appropriate state licensing authority and is a member in good standing of the AICPA; and

F. the ICPA is in compliance with the requirements of this rule.

Notes

N.M. Admin. Code § 13.2.5.24

1/1/94; 13.2.5.24 NMAC - Rn, 13 NMAC 2.5.22 & A, 1/1/2010, Amended by New Mexico Register, Volume XXXI, Issue 18, September 29, 2020, eff. 10/1/2020