shall, within 60 days after the insurer becomes subject to this subchapter:
(a) Provide the commissioner in writing the
name and address of the independent certified public accountant retained to
conduct the annual audit required by this subchapter.
(b) File with the commissioner a copy of the
letter required to be obtained under sub. (3).
(2) Insurers not retaining an independent
certified public accountant on the effective date of this rule shall register
the name and address of their retained independent certified public accountant
not less than 6 months before the date when the first audited financial report
is to be filed.
shall obtain a letter from the independent certified public accountant it
retains to conduct the annual audit required by this subchapter. The letter
shall state that the independent certified public accountant:
(a) Is aware of the provisions of the
insurance code and the rules and regulations of the insurance department or
equivalent agency of the state of domicile of the insurer that relate to
accounting and financial matters of insurers; and
(b) Will express an opinion on whether the
financial statements conform to the statutory accounting practices prescribed
or otherwise permitted by that department or equivalent agency and will specify
exceptions as appropriate.
If an independent certified public
accountant for the immediately preceding filed audited financial report of an
insurer is dismissed or resigns, the insurer shall comply with all of the
(a) The insurer shall within 5
business days notify the commissioner of the dismissal or
The insurer shall
within 15 business days furnish the commissioner with a letter which clearly
states that there was no disagreement required to be disclosed under this
paragraph or which describes any disagreement between the insurer and the
independent certified public accountant in the 24 months preceding the
dismissal or resignation, which:
1. Was on
any matter of accounting principles or practices, financial statement
disclosure, or auditing scope or procedure; and
Would require the independent certified
public accountant to make reference to the subject matter of the disagreement
in connection with the opinion required under s.
. The requirement to provide a description
applies regardless of whether the disagreement was resolved or whether the
former independent certified public accountant was satisfied with the
insurer shall within 15 business days furnish the commissioner with a letter
from the independent certified public accountant addressed to the insurer
stating whether the independent certified public accountant agrees with the
statements contained in the insurer's letter required under par. (b) and, if
not, stating the reasons why not.
Wis. Admin. Code Office of the Commissioner of Insurance § Ins 50.07
Cr. Register, July,
1993, No. 451, eff. 8-1-93.