(a) Annually obtain or cause an audit
of the insurer by an independent certified public accountant; and
File an audited financial report that
complies with s.
with the commissioner on or before June 1 for
the immediately preceding calendar year.
(2) The commissioner may require an insurer
to file the audited financial report earlier than the date specified under sub.
(1) if the commissioner gives 90 days advance notice to the insurer.
(3) The commissioner may grant extensions of
the filing date under sub. (1) for 31-day periods if the insurer and
independent certified public accountant establish there is good cause for an
extension. A request for an extension shall be submitted in writing not less
than 10 days prior to the due date in sufficient detail to permit the
commissioner to make an informed decision with respect to the requested
extension. If an extension is granted in accordance with this subsection, a
similar extension of 31 days is granted to the filing of management's report of
internal control over financial reporting.
An insurer may not retain an accountant
or accounting firm to comply with sub. (1) or s.
unless the accountant or accounting firm is an
independent certified public accountant, regardless of whether the commissioner
has issued a ruling under s.
. An insurer may not retain
an accountant or accounting firm to comply with sub. (1) or s.
if the commissioner under s.
rules that the accountant or
accounting firm is not qualified or if the accountant or accounting firm does
not comply with s.
(5) Every insurer required to file an annual
audited financial report pursuant to this chapter shall designate a group of
individuals to constitute its audit committee. The audit committee of an entity
that controls an insurer may be deemed to be the insurer's audit committee for
purposes of this chapter at the election of the controlling person.
Wis. Admin. Code Office of the Commissioner of Insurance § Ins 50.05
Cr. Register, July,
1993, No. 451, eff. 8-1-93; CR 08-053: am. (title) and (3), cr. (5) Register
December 2008 No. 636, eff. 1-1-09.