Haw. Code R. § 16-185-109 - Notification of adverse financial condition
(a) The insurer
required to furnish the annual audited financial report shall require the
independent certified public accountant to report, in writing, within five
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
Hawai`i insurance code as of that date An insurer that has received a report
pursuant to this paragraph shall forward a copy of the report to the
commissioner within five business days of receipt of the 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 the evidence within the required
five business day period, the independent certified public accountant shall
furnish to the commissioner a copy of its report within the next five business
days.
(b) 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 subsection (a).
(c) If the accountant, subsequent to the date
of the audited financial report filed pursuant to this chapter, becomes aware
of facts that might have affected the report, the accountant shall take
appropriate action as prescribed in volume 1, section AU 561 of the
Professional Standards of the American Institute of Certified Public
Accountants.
Notes
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