Section 500.1019 - Independent public accountant; filing letter with annual audited financial report; contents.
THE INSURANCE CODE OF 1956 (EXCERPT)
Act 218 of 1956
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 and conforms to the standards of his or her profession.
(b) The general background and experience and the experience in insurer audits of the staff assigned to the annual audited financial report and whether each is an independent public accountant. Nothing within this chapter shall be construed as prohibiting the independent public accountant from using the staff he or she considers appropriate if the use is consistent with the standards prescribed by generally accepted auditing standards.
(c) That the independent public accountant understands the annual audited financial report, and his or her opinion on the report, will be filed in compliance with this chapter, and that the commissioner will be relying on this information in the monitoring and regulation of the financial position of the insurer.
(d) That the independent public accountant consents to the requirements of section 1021 and that the independent public accountant consents and agrees to make available for review by the commissioner, his or her designee, or his or her appointed agent, the work papers described in section 1021.
(e) A representation that the independent public accountant is properly licensed by an appropriate state licensing authority and is a member in good standing in the American institute of certified public accountants.
(f) A representation that the independent public accountant is in compliance with the requirements of section 1010.
History: Add. 1992, Act 182, Imd. Eff. Oct. 1, 1992
Popular Name: Act 218