Or. Admin. Code § 836-011-0150 - Designation of Independent Certified Public Accountant
(1) Each insurer required by OAR
836-011-0120 to file an annual
audited financial report, within 60 days after becoming subject to the
requirement, must register with the Director in writing the name and address of
the independent certified public accountant or accounting firm retained to
conduct the annual audit set forth in OAR
836-011-0120 and
836-011-0150. An insurer not
retaining an independent certified public accountant on July 1, 2008 shall
register the name and address of its retained independent certified public
accountant not less than six months before the date on which the first audited
financial report is to be filed.
(2) An insurer shall obtain a letter from the
accountant retained by the insurer stating that the accountant is aware of the
provisions of the Insurance Code and the rules of the Insurance Department of
the state of domicile that relate to accounting and financial matters and
affirming that the accountant will express the opinion of the accountant on the
financial statements in terms of their conformity with the statutory accounting
practices prescribed or otherwise permitted by that Department, specifying
exceptions that the accountant believes appropriate. The insurer shall file a
copy of the letter with the Director.
(3) If the accountant who was the certified
public accountant for the immediately preceding filed audited financial report
is dismissed or resigns, the insurer shall so notify the Director not later
than the fifth business day after the dismissal or resignation. The insurer
shall also do the following:
(a) Notify the
Director in a separate letter, not later than the 10th business day after the
date of the notice of dismissal or resignation, whether in the 24 months
preceding the engagement there were any disagreements with the former
accountant on any matter of accounting principles or practices, financial
statement disclosure or auditing scope or procedure that, if not resolved to
the satisfaction of the former accountant, would have caused the former
accountant to make reference to the subject matter of the disagreement in
connection with the accountant's opinion. The disagreements required to be
reported in response to this subsection include both those resolved to the
former accountant's satisfaction and those not resolved to the former
accountant's satisfaction, and are those disagreements that occur at the
decision making level, between personnel of the insurer responsible for
presentation of its financial statements and personnel of the accounting firm
responsible for rendering its report.
(b) Request the former accountant, in
writing, to furnish a letter addressed to the insurer stating whether the
accountant agrees with the statements contained in the insurer's letter and, if
not, stating the reasons for which the accountant does not agree.
(c) Furnish the Director the letter received
from the former accountant under subsection (b) of this section together with a
response by the insurer to that letter.
Notes
Stat. Auth.: ORS 731.244 & 731.488
Stats. Implemented: ORS 731.488
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