N.J. Admin. Code § 11:2-26.13

Current through Register Vol. 56, No. 21, November 4, 2024

Section 11:2-26.13 - Availability and maintenance of independent certified public accountants' workpapers

(a) Every insurer required to file an audited financial report pursuant to this subchapter shall require the accountant to make available for review by the Commissioner, all the workpapers prepared in the conduct of his or her audit and any communications related to the audit between the accountant and the insurer, at the offices of the insurer, at the Department or at any other reasonable place designated by the Commissioner. The insurer shall require that the accountant retain the audit workpapers and communications until the Department has filed a Report on Examination covering the period of the audit and determined that the audit workpapers and communications need no longer be retained or for no longer than seven years from the date the accountant submits the audit report to the insurer, whichever occurs first.

(b) In the conduct of the periodic review by the Commissioner, photocopies of pertinent audit workpapers may be made and retained by the Commissioner. Such reviews by the Commissioner shall be considered investigations and all working papers and communications obtained during the course of such investigations shall be afforded the same confidentiality as other examination workpapers generated by the Department.

Amended by R.1993 d.68, effective 2/1/1993.
See: 24 N.J.R. 1940(a), 24 N.J.R. 2708(a), 25 N.J.R. 588(a).
Rule on exemptions recodified to 26.14; rule on availability and maintenance of workpapers recodified from 26.12, with amendments added regarding all communications regarding the audit and confidentiality of all workpapers and communications.
Amended by R.2010 d.026, effective 1/19/2010.
See: 41 N.J.R. 3364(a), 42 N.J.R. 486(b).
Section was "Availability and maintenance of workpapers". In (a), substituted the first occurrence of "audit" for "examination" and "seven" for "10".