As used in this chapter — (a) “Accountant” or “independent certified public accountant” means an independent certified public accountant or accounting firm in good standing with the American Institute of Certified Public Accountants (AICPA) and in all states in which public accountant or firm is licensed to practice; for Canadian and British companies, the term […]
(a) All insurers shall have an annual audit by an independent certified public accountant and shall file an audited financial report with the Commissioner on or before June 1 for the year ended December 31 immediately preceding. The Commissioner may require an insurer to file an audited financial report earlier than June 1 with 90 […]
(a) Every insurer is subject to the requirements of this chapter. Insurers having direct premiums written in this Territory of less than $1,000,000 in any calendar year and less than 1,000 policyholders or certificate holders of direct written policies nationwide at the end of the calendar year are exempt from these requirements for the year, […]
(a) Foreign insurers filing the audited financial report in another state, pursuant to that state’s requirement for filing of audited financial reports, which has been found by the Commissioner to be substantially similar to the requirements of this chapter, are exempt from sections 622 through 633 if: (1) A copy of the audited financial report, […]
(a) The annual audited financial report must state the financial position of the insurer as of the end of the most recent calendar year and the results of its operations, cash flows and changes in capital and surplus for the year then ended in conformity with statutory accounting practices prescribed, or otherwise permitted, by the […]
(a) Each insurer required by this chapter to file an annual audited financial report must, no later than 60 days after becoming subject to the requirement, register with the Commissioner in writing the name and address of the independent certified public accountant or accounting firm retained to conduct the annual audit set forth in this […]
(a) The Commissioner may not recognize a person or firm as a qualified independent certified public accountant if the person or firm: is not in good standing with the American Institute of Certified Public Accountants (AICPA) and in all states in which the accountant is licensed to practice, or, for a Canadian or British company, […]
An insurer may make a written application to the Commissioner for approval to file audited consolidated or combined financial statements in lieu of separate annual audited financial statements if the insurer is part of a group of insurance companies that utilizes a pooling or 100 percent reinsurance agreement that affects the solvency and integrity of […]
Financial statements furnished pursuant to section 625 must be examined by the independent certified public accountant. The audit of the insurer’s financial statements must be conducted in accordance with generally accepted auditing standards. In accordance with AU Section 319 of the Professional Standards of the AICPA, Consideration of Internal Control in a Financial Statement Audit, […]
(a) The insurer required to furnish the annual audited financial report shall require the independent certified public accountant to report, in writing, within five business days to the board of directors or its audit committee any determination by the independent certified public accountant that the insurer has materially misstated its financial condition as reported to […]
(a) In addition to the annual audited financial report, each insurer shall furnish the Commissioner with a written communication as to any unremediated material weaknesses in its internal control over financial reporting noted during the audit. The communication must be prepared by the accountant not later than 60 days after the filing of the annual […]
The accountant shall furnish the insurer in connection with, and for inclusion in, the filing of the annual audited financial report, a letter stating: (1) That the accountant is independent with respect to the insurer and conforms to the standards of the profession as contained in the Code of Professional Ethics and pronouncements of the […]
(a) Work papers are the records kept by the independent certified public accountant of the procedures followed, the tests performed, the information obtained, and the conclusions reached pertinent to the accountant’s audit of the financial statements of an insurer. Work papers, accordingly, may include audit planning documentation, work programs, analyses, memoranda, letters of confirmation and […]
This section does not apply to foreign or alien insurers licensed in this Territory or an insurer that is a SOX Compliant Entity or a direct or indirect wholly-owned subsidiary of a SOX Compliant Entity. (a) The audit committee is directly responsible for the appointment, compensation and oversight of the work of any accountant including […]
(a) Exemption — An insurer is exempt from the requirements of this subsection if: (1) The insurer has annual direct written and unaffiliated assumed premium, including international direct and assumed premium but excluding premiums reinsured with the Federal Crop Insurance Corporation and Federal Flood Program, less than $500,000,000; or (2) If the insurer is a […]
(a) No director or officer of an insurer shall, directly or indirectly: (1) Make or cause to be made a materially false or misleading statement to an accountant in connection with any audit, review or communication required under this chapter; or (2) Omit to state, or cause another person to omit to state, any material […]
(a) Every insurer required to file an audited financial report pursuant to this chapter that has annual direct written and assumed premiums, excluding premiums reinsured with the Federal Crop Insurance Corporation and Federal Flood Program, of $500,000,000 or more, shall prepare a report of the insurer’s or group of insurers’ internal control over financial reporting. […]
(a) Upon written application of any insurer, the Commissioner may grant an exemption from compliance with any and all provisions of this Chapter if the Commissioner finds, upon review of the application, that compliance with this Chapter would constitute a financial or organizational hardship upon the insurer. An exemption may be granted at any time […]
(a) Canadian, British and all other alien insurers shall file each year an audited financial report with the Commissioner on or before September 30 for the year ended December 31 immediately preceding. The Commissioner may waive any provision of this section which may be inapplicable to alien insurers. (b) The annual audited financial report must […]
If any section or portion of a section of this Law or its applicability to any person or circumstance is held invalid by a court, the remainder of this Chapter or the applicability of the provision to other persons or circumstances are not be affected.
