Or. Admin. Code § 836-011-0200 - Communication of Internal Control Related Matters Noted in an Audit
(1) In addition to
the annual audited financial report, each insurer shall furnish the Director
with a written communication as to any unremediated material weaknesses in its
internal control over financial reporting noted during the audit. The
communication must be prepared by the accountant not later than the 60th day
after the filing of the annual audited financial report and shall contain a
description of any unremediated material weakness (as the term material
weakness is defined by Statement on Auditing Standard 60, Communication
of Internal Control Related Matters Noted in an Audit, or its
replacement) as of December 31 immediately preceding (so as to coincide with
the audited financial report required by OAR
836-011-0120(1))
in the insurer's internal control over financial reporting noted by the
accountant during the course of their audit of the financial statements. If no
unremediated material weaknesses were noted, the communication must so
state.
(2) The insurer shall submit
with the report required under section (1) of this rule a description of
remedial actions taken or proposed to correct unremediated material weaknesses,
if the actions are not described in the accountant's report.
(3) The insurer shall maintain information
about significant deficiencies communicated by the independent certified public
accountant. The information must be made available to the examiner conducting a
financial condition examination for review and kept in such a manner as to
remain confidential.
Notes
Publications: Publications referenced are available from the agency.
Stat. Auth.: ORS 731.244 & 731.488
Stats. Implemented: ORS 731.488
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