760 Ind. Admin. Code 1-78-11

Current through December 12, 2024

Section 760 IAC 1-78-11 - Accountant's letter of qualifications

Authority: IC 27-1-3-7

Affected: IC 27-1-3.5

Sec. 11.

The accountant shall furnish the insurer in connection with, and for inclusion in, the filing of the annual audited financial report, a letter stating the following:

(1) That the accountant:

(A) is independent with respect to the insurer; and

(B) conforms to the standards of the accountant's profession as contained in the Code of Professional Ethics and pronouncements of the AICPA and the Rules of Professional Conduct of the Indiana Board of Accountancy, or similar code.

(2) The background and experience in general, the experience in audits of insurers of the staff assigned to the engagement, and whether each is an independent certified public accountant. Nothing within this rule shall be construed as prohibiting the accountant from utilizing such staff as the accountant deems appropriate where use is consistent with the standards prescribed by generally accepted auditing standards.

(3) That the accountant understands the annual audited financial report and his or her opinion thereon will be filed in compliance with this rule and that the commissioner will be relying on this information in the monitoring and regulation of the financial position of insurers.

(4) That the accountant consents to the requirements of section 12 of this rule and that the accountant consents and agrees to make available for review by the commissioner, or the commissioner's designee or appointed agent, the work papers, as defined in section 12 of this rule.

(5) A representation that the accountant is:

(A) properly licensed by an appropriate state licensing authority; and

(B) a member in good standing in the AICPA.

(6) A representation that the accountant is in compliance with the requirements of section 6 of this rule.

760 IAC 1-78-11

Department of Insurance; 760 IAC 1-78-11; filed Oct 27, 2009, 2:52 p.m.: 20091125-IR-760090376FRA

Readopted filed 11/20/2015, 9:25 a.m.: 20151216-IR-760150341RFA

Readopted filed 11/15/2021, 8:32 a.m.: 20211215-IR-760210419RFA