Wis. Admin. Code Office of the Commissioner of Insurance § Ins 57.35 - Notification of adverse financial condition
Current through November 29, 2021
(1) A care
management organization shall require the independent certified public
accountant to report, in writing and within 5 business days, to the board of
directors of the care management organization or its audit committee any
determination by the independent certified public accountant that the care
management organization has materially misstated its financial condition as
reported to the commissioner as of the balance sheet date currently under audit
or that the care management organization does not meet the working capital or
risk reserve requirements.
(2) A
care management organization 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 care management organization under sub. (1) unless the
independent certified public accountant receives evidence the care management
organization has provided it within the 10 business day period to the
commissioner as required under sub. (2).
(4) An executive officer or director of a
care management organization 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 care management organization
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 AICPA.
Notes
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