Haw. Code R. § 16-185-101 - Purpose and scope
(a) The purpose of this chapter is to improve
the surveillance of the financial condition of insurers by requiring the
following:
(1) An annual audit of financial
statements reporting the financial position and the results of operations of
insurers by independent certified public accountants;
(2) Communication of internal control related
matters noted in an audit; and
(3)
Management's report of internal control over financial
reporting.
(b) Every
insurer shall be subject to this chapter.
(c) A foreign or alien insurer filing the
following documents in another state, pursuant to that state's requirement for
filing of audited financial reports, is exempt from filing those reports in
this State provided that the other state has substantially similar requirements
to sections 16-185-103 through 16-185-112, Hawaii Administrative Rules, and
those reports are filed with the commissioner of the other state within the
time specified:
(1) An audited financial
report;
(2) A communication of
internal control related matters noted in an audit; and
(3) An accountant's letter of
qualifications.
(d)
Foreign or alien insurers required to file management's report of internal
control over financial reporting in another state are exempt from filing the
report in this State provided the other state has substantially similar
reporting requirements in section 16-185-115, Hawaii Administrative Rules, and
the report is filed with the commissioner of the other state within the time
specified.
(e) This chapter shall
not prohibit, preclude, or in any way limit the commissioner from ordering,
conducting, or performing examinations of insurers under the rules of the
insurance division.
Notes
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