An accountant or accounting firm retained by an insurer to
comply with this subchapter shall furnish the insurer, and the insurer shall
obtain and include with the filing of the annual audited financial report
required under s.
50.05, a letter from the accountant or accounting firm
(1) That the accountant or
accounting firm is independent with respect to the insurer and conforms to the
standards of his or her profession as contained in the code of professional
ethics and pronouncements of the American institute of certified public
accountants and the rules of professional conduct of the board of public
accountancy of this state, or similar code.
(2) The background and experience in general,
and the experience in audits of insurers of the staff assigned to the
engagement and whether each is an independent certified public accountant. This
subchapter does not prohibit the accountant or accounting firm from utilizing
such staff as he or she deems appropriate where use is consistent with the
standards prescribed by generally accepted auditing standards.
(3) That the accountant or accounting firm
understands that the annual audited financial report and his or her opinion on
the annual audited financial report will be filed in compliance with this
chapter and that the commissioner will be relying on this information in the
monitoring and regulation of the financial position of insurers.
That the accountant or accounting firm
consents to the requirements of s.
and that the accountant or accounting firm
consents and agrees to make available work papers for review by the
(5) A representation
that the accountant or accounting firm is properly licensed by an appropriate
state licensing authority and is a member in good standing in the American
institute of certified public accountants.
A representation that the accountant or
accounting firm is an independent certified public accounting firm and that
there are no grounds for disqualification of the accountant or accounting firm
Wis. Admin. Code Office of the Commissioner of Insurance § Ins 50.13
Cr. Register, July,
1993, No. 451, eff. 8-1-93; CR 08-053: am. (4) Register December 2008 No. 636,