Ill. Admin. Code tit. 50, § 925.100 - 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 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 Director as of the balance sheet date
currently under audit, or of any other determination that the insurer does not
meet the minimum capital and surplus requirements of the Code and the net worth
requirements of the Health Maintenance Organization Act, Dental Service Plan
Act, or the Limited Health Service Organization Act, as of that date.
b) An insurer who has received a report
pursuant to subsection (a) shall forward a copy of the report to the Director
within 5 business days after receipt of the report and shall provide the
independent certified public accountant making the report with evidence of the
report being furnished to the Director. If the independent certified public
accountant fails to receive the evidence within the required 5 business day
period, the independent certified public accountant shall furnish to the
Director a copy of the accountant's report within the next 5 business
days.
c) No independent certified
public accountant shall be liable in any manner to any person for any statement
made in connection with subsections (a) and (b) if the statement is made in
good faith in compliance with subsections (a) and (b).
d) If the accountant, subsequent to the date
of the annual audited financial report filed pursuant to this Part, becomes
aware of facts that might have affected the accountant's report, the Director
notes the obligation of the accountant to take action as prescribed in AU-C
Section 560, Subsequent Events and Subsequently Discovered Facts, AICPA
Professional Standards (as of June 1, 2014 (no later amendments or editions),
by American Institute of Certified Public Accountants, Inc., 1211 Avenue of the
Americas, New York NY 10036-8775; website www.aicpa.org).
Notes
Amended at 33 Ill. Reg. 6974, effective May 11, 2009
State regulations are updated quarterly; we currently have two versions available. Below is a comparison between our most recent version and the prior quarterly release. More comparison features will be added as we have more versions to compare.
No prior version found.