Or. Admin. Code § 410-141-5030 - FINANCIAL SOLVENCY REGULATION: Notification of Adverse Financial Condition
(1) A CCO
required to furnish an annual audited financial report shall require the
independent certified public accountant to report in writing to the CCO's
Board, or to the audit committee of the CCO, any determination by the
independent certified public accountant that:
(a) The CCO has materially misstated its
financial condition as reported to the Authority as of the date of the balance
sheet currently under audit;
(b)
The CCO does not meet the minimum capital and surplus requirements under these
rules; or
(c) The CCO's risk-based
capital, as determined in accordance with OAR
410-141-5195 to 5220 is below
the Company Action Level threshold for the CCO.
(2) The CCO shall require the independent
certified public accountant to submit the report no later than the fifth
business day after the independent certified public accountant makes such a
determination under subsection (1). A CCO that has received a report under this
section shall both forward a copy of the report to the Authority and provide
the independent certified public accountant with evidence that the report was
furnished to the Authority no later than the fifth business day after receiving
the report. If the independent certified public accountant does not receive
such evidence within the required period, the independent certified public
accountant shall furnish to the Authority a copy of its report no later than
the fifth business day after the end of the period within which the CCO was
required to submit the report.
(3)
An independent certified public accountant shall not be liable to any person
for any statement made in connection with the requirements of subsection (1) if
the statement is made in good faith and in compliance with subsection
(1).
(4) If the accountant, after
the date of the audited financial report filed pursuant to OAR
410-141-5020, becomes aware of
facts that might have affected the report, the Authority notes the obligation
of the accountant to act as prescribed in Volume 1, Section AU 561 of the
Professional Standards of the AICPA.
Notes
Statutory/Other Authority: ORS 413.042, 414.572, 414.591 & 414.605
Statutes/Other Implemented: ORS 414.570-414.686 & 415.001-415.430
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