(1) An insurer
shall require the independent certified public accountant to report, in writing
and within 5 business days, to the board of directors of the insurer or its
audit committee any determination by the independent certified public
accountant that the insurer has materially misstated its financial condition as
reported to the commissioner as of the balance sheet date currently under audit
or that the insurer does not meet the minimum capital and surplus or compulsory
insurer who receives a report required under sub. (1) shall forward a copy of
the report to the commissioner within 5 business days of receipt of the report
and shall provide the independent certified public accountant making the report
with evidence that the report has been furnished to the commissioner.
(3) An independent certified public
accountant shall furnish to the commissioner a copy of its report required
under sub. (1) within 10 business days after it is furnished to the insurer
under sub. (1) unless the independent certified public accountant receives
evidence the insurer has provided it within the 10 business day period to the
commissioner as required under sub. (2).
(4) An executive officer or director of an
insurer which receives notice under sub. (1) shall report the notification in
writing to the commissioner within 5 business days of the date the executive
officer or director first acquires knowledge of the notification unless prior
to that date the insurer complies with sub. (2).
(5) If the independent certified public
accountant, subsequent to the date of the audited financial report filed
pursuant to this chapter, becomes aware of facts that might have affected the
report, the independent certified public accountant shall take the action as
prescribed in Volume 1, Section AU 561 of the Professional Standards of the
Wis. Admin. Code Office of the Commissioner of Insurance § Ins 50.11
Cr. Register, July,
1993, No. 451, eff. 8-1-93; CR 08-053: am. (1), cr. (5) Register December 2008
No. 636, eff. 1-1-09.