31 Pa. Code § 147.6b - Conduct of insurer relating to audits

Current through Register Vol. 51, No. 52, December 25, 2021

(a) When communicating with any accountant relating to an audit, review or communication required under this chapter, an officer or director of an insurer may not directly or indirectly:
(1) Make or cause to be made a materially false or misleading statement.
(2) Omit or cause another person to omit any material fact necessary to make statements made, in light of the circumstances under which the statements are made, not misleading.
(b) An officer or director of an insurer or any other person acting under the direction thereof, may not, directly or indirectly take any action to coerce, manipulate, mislead or fraudulently influence an accountant performing an audit under this chapter if he knows or should have known that the action, if successful, could render the insurer's financial statements materially misleading.
(c) For purposes of subsection (b), actions that could render an insurer's financial statements materially misleading include, but are not limited to, actions which would result in the accountant:
(1) Issuing or reissuing a report on an insurer's financial statements that materially violates statutory accounting principles prescribed by the Commissioner, generally accepted auditing standards, or other professional or regulatory standards.
(2) Failing to perform an audit, review or other procedures required by generally accepted auditing standards or other professional standards.
(3) Failing to comply with § 147.9(d) (relating to notification of adverse financial condition).
(4) Failing to communicate matters to an insurer's audit committee.
(5) Violating any provision of this chapter.

Notes

31 Pa. Code § 147.6b
The provisions of this § 147.6b adopted October 2, 2009, effective October 3, 2009, 39 Pa.B. 5730.

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