Effective – 01 Jan 2019, 2 histories 375.1025. Definitions. — As used in sections 375.1025 to 375.1062, the following terms shall mean: (1) “Accountant” or “independent certified public accountant”, an independent certified public accountant or accounting firm in good standing with the American Institute of Certified Public Accountants and in all states in which they […]
Effective – 28 Aug 2009 375.1028. Applicability — exemptions. — 1. Sections 375.1025 to 375.1062 shall apply to all insurers as defined by section 375.1025. Insurers having direct premiums written in this state of less than one million dollars in any calendar year and less than one thousand policyholders or certificate holders of direct written […]
Effective – 28 Aug 2009 375.1030. Annual audit required, report filed, when — extensions granted, when — audit committee required, when. — 1. All insurers shall have an annual audit by an independent certified public accountant and shall file an audited financial report with the director on or before June first for the year ended […]
Effective – 28 Aug 2009 375.1032. Audited financial report, contents — form. — 1. The annual audited financial report shall report the financial condition of the insurer as of the end of the most recent calendar year and the results of its operation, cash flows and changes in capital and surplus for the previous year […]
Effective – 28 Aug 2009 375.1035. Accountant, name and address to be registered — letter, filed with director, contents — change of accountant, notice to director. — 1. Each insurer required by sections 375.1025 to 375.1062 to file an annual audited financial report shall, within sixty days after becoming subject to such requirement, register with […]
Effective – 28 Aug 2009 375.1037. Qualifications of accountant — limitation of number of years, when — approval by director — dispute resolution — accountant not recognized, when — exemption, when — preapproval for nonaudit services performed, when. — 1. The director shall not recognize any person or firm as a qualified independent certified public […]
Effective – 28 Aug 2009 375.1038. Consolidated or combined financial statements permitted, when — worksheet , contents. — An insurer may make written application to the director 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 […]
Effective – 28 Aug 2009 375.1040. Accountant’s letter, contents. — 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) Such accountant is independent with respect to the insurer and conforms to the standards of his or her profession as […]
Effective – 28 Aug 2009 375.1042. Audit of financial statement by independent accountant. — Financial statements of the insurer to be filed pursuant to section 375.1030 shall be examined by an independent certified public accountant. The audit by the independent certified public accountant of the insurer’s financial statements shall be conducted in accordance with generally […]
Effective – 28 Aug 2009 375.1045. Report of findings of accountant to insurer, contents. — 1. 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 […]
Effective – 28 Aug 2009 375.1047. Unremediated material weaknesses to be furnished to director, requirements — insurer to communicate remedial actions taken. — 1. In addition to the annual audited financial report, each insurer shall furnish the director with a written communication as to any unremediated material weaknesses in its internal control over financial reporting […]
Effective – 28 Aug 2009 375.1050. Workpapers, defined — availability to insurance examiners — confidentiality of. — 1. As used in this section, “workpapers” 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 such accountant’s audit of the […]
Effective – 01 Jan 2019, 2 histories 375.1052. Temporary exemption, granted when — denial of, petition for hearing, procedures — schedule of compliance — effective date of requirements. — 1. Upon written application of any insurer, the director may grant a temporary exemption from compliance with sections 375.1025 to 375.1062 if the director finds, upon […]
Effective – 01 Jan 2019, 2 histories 375.1053. Inapplicability of statute to foreign insurers — audit committee responsibilities, member qualifications — report required — waiver, when. — 1. This section shall not apply to foreign or alien insurers licensed in this state or an insurer that is a SOX-compliant entity or a direct or indirect […]
Effective – 28 Aug 2009 375.1054. Prohibited acts — violation, penalty. — 1. 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 sections 375.1025 to 375.1062; or […]
Effective – 01 Jan 2019, 2 histories 375.1056. Report required by insurer, when, contents. — 1. Every insurer required to file an audited financial report under sections 375.1025 to 375.1062 that has annual direct written and assumed premiums, excluding premiums reinsured with the Federal Crop Insurance Corporation and Federal Flood Program, of five hundred million […]
Effective – 28 Aug 2009 375.1057. Canadian and British insurers, special requirements. — 1. In the case of Canadian and British insurers, the “annual audited financial report” shall be defined as the annual statement of total business on the form filed by such companies with their supervision authority duly audited by an independent chartered accountant. […]
Effective – 01 Jan 2019 375.1058. Internal audit function — exemption, when — requirements. — 1. An insurer is exempt from the requirements of this section 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 […]
Effective – 28 Aug 1993 375.1060. Certification filed with annual statement, when — director shall promulgate rules, purpose. — 1. Each health services corporation organized pursuant to sections 354.010 to 354.380 shall file with its annual statement required by section 354.105 and section 375.041 a certification by a member in good standing of the American […]
Effective – 28 Aug 1991 375.1062. Severability. — If any section or portion of a section of sections 375.1025 to 375.1062 or the applicability thereof to any person or circumstance is held invalid by a court, the remainder of such section or sections or the applicability of such provision to other persons or circumstances shall […]
