§ 623. Suspension or revocation for failure to file
(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, […]
§ 624. Exemptions
(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, […]
§ 625. Contents of annual 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 […]
§ 626. Designation of independent certified public accountant
(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 […]
§ 627. Qualifications of independent certified public accountant
(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, […]
§ 628. Consolidated or combined audits
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 […]
§ 629. Scope of audit and report of independent certified public accountant
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, […]
§ 630. Notification of adverse financial condition
(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 […]
§ 631. Communication of internal control related matters noted in an audit
(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 […]
§ 621. Definitions
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 […]