Ga. Comp. R. & Regs. R. 120-2-60-.16 - Conduct of Insurer in Connection with the Preparation of Required Reports and Documents
(1) No director or officer of an insurer
shall, directly or indirectly:
(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
regulation; or
(b) Omit to state,
or cause another person to omit to state, any material fact necessary in order
to make statements made, in light of the circumstances under which the
statements were made, not misleading to an accountant in connection with any
audit, review or communication required under this regulation.
(2) No officer or director of an
insurer, or any other person acting under the direction thereof, shall directly
or indirectly take any action to coerce, manipulate, mislead or fraudulently
influence any accountant engaged in the performance of an audit pursuant to
this regulation if that person knew or should have known that the action, if
successful, could result in rendering the insurer's financial statements
materially misleading.
(3) For
purposes of paragraph 2 of this section, actions that, "if successful, could
result in rendering the insurer's financial statements materially misleading"
include, but are not limited to, actions taken at any time with respect to the
professional engagement period to coerce, manipulate, mislead or fraudulently
influence an accountant:
(a) To issue or
reissue a report on an insurer's financial statements that is not warranted in
the circumstances (due to material violations of statutory accounting
principles prescribed by the Commissioner, generally accepted auditing
standards, or other professional or regulatory standards);
(b) Not to perform audit, review or other
procedures required by generally accepted auditing standards or other
professional standards;
(c) Not to
withdraw an issued report; or
(d)
Not to communicate matters to an insurer's Audit committee.
Notes
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