Ga. Comp. R. & Regs. R. 120-2-60-.06 - Designation of Independent Certified Public Accountant
(1) Each insurer
required by this rule to file an annual Audited financial report must within
sixty (60) days after becoming subject to such 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 rule. Insurers not retaining an independent certified public
accountant on the effective date of this rule shall register the name and
address of their retained independent certified public accountant not less than
six (6) months before the date when the first audited financial report is to be
filed.
(2) The insurer shall obtain
a letter from the accountant, and file a copy with the Commissioner stating
that the accountant is aware of the provisions of the insurance code and the
rules and regulations of the insurance department of the state of domicile that
relate to accounting and financial matters and affirming that he or she will
express his opinion on the financial statements in terms of their conformity to
the statutory accounting practices prescribed or otherwise permitted by that
Department, specifying such exceptions as he or she may believe
appropriate.
(3) If an accountant
who was the accountant for the immediately preceding filed audited financial
report is dismissed or resigns the insurer shall within five (5) business days
notify the Commissioner of this event. The Commissioner shall also request that
the insurer furnish the Commissioner with a separate letter within ten (10)
business days of the above notification stating whether in the twenty-four (24)
months preceding such event there were any disagreements with the former
accountant on any matter of accounting principles or practices, financial
statement disclosure, or auditing scope or procedure; which disagreements, if
not resolved to the satisfaction of the former accountant, would have caused
him or her to make reference to the subject matter of the disagreement in
connection with his or her opinion. The disagreements to be reported in
response to this section include both those resolved to the former accountant's
satisfaction and those not resolved to the former accountant's satisfaction.
Disagreements contemplated by this section are those that occur at the
decision-making level, i.e., between personnel of the insurer responsible for
presentation of its financial statements and personnel of the accounting firm
responsible for rendering its report. The insurer should also in writing
request the former accountant to furnish a letter addressed to the insurer
stating whether the accountant agrees with the statements contained in the
insurer's letter and, if not, stating the reasons for which he or she does not
agree; and the insurer should furnish the responsive letter from the former
accountant to the Commissioner together with its own.
Notes
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