Ga. Comp. R. & Regs. R. 120-2-60-.10 - Notification of Adverse Financial Condition
(1) The insurer required to furnish the
annual Audited financial report shall require the independent certified public
accountant to report, in writing, within five (5) 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 the Commissioner as of the balance sheet date
currently under audit or that the insurer does not meet the minimum capital and
surplus requirement of the Georgia Insurance Code as of that date. An insurer
who has received a report pursuant to this paragraph shall forward a copy of
the report to the Commissioner within five (5) business days of receipt of such
report and shall provide the independent certified public accountant making the
report with evidence of the report being furnished to the Commissioner. If the
independent certified public accountant fails to receive such evidence within
the required five (5) business day period, the independent certified public
accountant shall furnish to the Commissioner a copy of its report within the
next five (5) business days.
(2) No
independent certified public accountant shall be liable in any manner to any
person for any statement made in connection with the above paragraph if the
statement is made in good faith in compliance with paragraph 1.
(3) If the accountant, subsequent to the date
of the Audited financial report filed pursuant to this rule, becomes aware of
facts which might have affected his report, the Commissioner notes the
obligation of the accountant to take such action as prescribed in Volume 1,
Section AU 561 of the Professional Standards of the AICPA.
Notes
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