Or. Admin. R. 410-141-5030 - FINANCIAL SOLVENCY REGULATION: Notification of Adverse Financial Condition

Current through Register Vol. 60, No. 12, December 1, 2021

(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 the CCO has materially misstated its financial condition as reported to the Authority as of the date of the balance sheet currently under audit or that the CCO does not meet the minimum capital and surplus requirements under these rules or if 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. The CCO shall require the independent certified public accountant to submit the report not later than the fifth business day after the independent certified public accountant makes such a determination. A CCO that has received a report under this section shall forward a copy of the report to the Authority not later than the fifth business day after receiving the report and shall provide the independent certified public accountant with evidence that the report was furnished to the Authority. 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 not later than the fifth business day after the end of the period within which the CCO was required to submit the report.
(2) 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).
(3) 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

Or. Admin. R. 410-141-5030
DMAP 58-2019, adopt filed 12/18/2019, effective 1/1/2020

Statutory/Other Authority: ORS 413.042, 414.615, 414.625, 414.635 & 414.651

Statutes/Other Implemented: ORS 414.610-414.685

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