Haw. Code R. § 16-17-10 - Notification of material misstatement of financial condition or adverse financial condition
(a) A captive shall
require its independent certified public accountant to immediately notify the
captive's governing body or audit committee in writing of any determination by
the independent certified public accountant that the captive has materially
misstated its financial condition in the captive's annual report or is in
adverse financial condition. The independent certified public accountant shall
provide written notification of material misstatement of financial condition or
adverse financial condition to the commissioner within five working days of
providing notice to the captive. The captive manager shall provide a written
remediation or corrective action plan to the commissioner within thirty days of
the independent certified public accountant providing notice to the
commissioner.
(b) As used in this
section, "annual report" means the National Association of Insurance
Commissioners" annual statement and the audited financial statement prepared by
an independent certified public accountant for a captive and required to be
filed with the commissioner pursuant to section
431:19-107,
Hawaii Revised Statutes.
Notes
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