500.1001 Definitions. Sec. 1001. As used in this chapter: (a) “Audited financial report” means the report required in section 1005 and furnished under section 1007. (b) “Audit committee” means a committee or equivalent body established by the board of directors of an entity to oversee the accounting and financial reporting processes of an insurer or […]
500.1003 Nonapplicability of chapter. Sec. 1003. (1) This chapter does not apply to any of the following: (a) Insurers having direct premiums written in this state of less than $1,000,000.00 in any year and having less than 1,000 policyholders in this state at the end of any year unless the commissioner makes a specific finding […]
500.1005 Insurer; annual audit; filing date; extensions; designation of audit committee. Sec. 1005. (1) Each insurer authorized to do business in this state shall have an annual audit by an independent public accountant and shall file an audited financial report with the commissioner on or before June 1 for the immediately preceding calendar year. With […]
500.1007 Annual audited financial report; contents; form; conduct of examination by independent public accountant. Sec. 1007. (1) The annual audited financial report shall report the insurer’s financial condition 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 […]
500.1009 Insurer required to file annual audited report; registration of insurer’s independent public accountant; letter required; dismissal or resignation of independent public accountant; notice; report of disagreement; responsive letter. Sec. 1009. (1) Each insurer required by this chapter to file an annual audited financial report shall register with the commissioner in writing, within 60 days […]
500.1010 Recognition of person or firm as independent public accountant; mediation or arbitration of disputes; limitation on period of service; relief from rotation requirement; restrictions; hearing; ruling by commissioner; exemption from subsection (7); nonaudit services; preapproval; waiver; independent public accountant not recognized as qualified; condition; relief from subsection (14). Sec. 1010. (1) The commissioner shall […]
500.1011 Audited consolidated or combined financial statements; application for filing; work sheet. Sec. 1011. An insurer may make 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 affiliates that uses a pooling […]
500.1015 Independent public accountant; reporting determination that insurer materially misstated financial condition or does not meet requirements of MCL 500.408 or MCL 500.410; liability; action to be taken after date of audited financial report. Sec. 1015. (1) An insurer required to furnish the annual audited financial report shall require the independent public accountant to report […]
500.1017 Independent public accountant; communicating unremediated material weaknesses; description. Sec. 1017. (1) 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 the insurer’s internal controls over financial reporting noted during the audit. This communication shall be prepared by the […]
500.1019 Independent public accountant; filing letter with annual audited financial report; contents. Sec. 1019. The independent public accountant shall furnish the insurer in connection with, and for inclusion in, the filing of the annual audited financial report, a letter stating all of the following: (a) That the independent public accountant is independent of the insurer […]
500.1021 Work papers; availability; retention; review as investigation; use. Sec. 1021. (1) Work papers are the records kept by the independent public accountant of the procedures followed, tests performed, information obtained, and conclusions reached pertinent to his or her examination of the insurer’s financial statements. Work papers may include audit planning documentation, work programs, analyses, […]
500.1023 Compliance with chapter; exemption; filing reports on other than calendar year basis; compliance by domestic insurers; schedule; compliance by foreign insurers. Sec. 1023. (1) Upon an insurer’s written application, the commissioner may grant an exemption from compliance with this chapter if the commissioner finds, upon review of the application, that compliance with this chapter […]
500.1025 Canadian and British insurers; annual audited financial report; contents of independent public accountant’s letter. Sec. 1025. (1) For Canadian and British insurers, the annual audited financial report is the annual statement of total business, on the form filed by those companies with their domiciliary supervision authority, and duly audited by an independent chartered accountant. […]
500.1027 Applicability of section to domestic insurer not SOX compliant entity; duties of audit committee; member of audit committee as independent; election of controlling person; report by accountant; reports provided on aggregate basis; structure of audit committee; waiver from section based on hardship; effective date of section; “direct written and assumed premiums” defined. Sec. 1027. […]
500.1028 Internal audit function; exemption; confidentiality; report to audit committee. Sec. 1028. (1) An insurer is exempt from the requirements of this section if 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 National Flood Insurance Program […]
500.1029 Director or officer of insurer; prohibited conduct. Sec. 1029. (1) A director or officer of an insurer shall not directly or indirectly do either of the following: (a) 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 […]
500.1031 Report of insurer’s or group of insurers’ internal control over financial reporting; requirements. Sec. 1031. (1) 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 $500,000,000.00 or more […]
500.1033 Exemption from any or all provisions of chapter. Sec. 1033. Upon written application of any insurer, the commissioner may grant an exemption from compliance with any or 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 […]
