58-43-17Letter from accountant stating accountant's independent status, background, compliance with chapter and licensing.

The accountant shall furnish the insurer for inclusion in the filing of the annual audited financial report a letter stating:

(1)    That the accountant is independent with respect to the insurer and conforms to the standards of his profession as contained in the Code of Professional Ethics and Pronouncements of the American Institute of Certified Public Accountants and to chapter 36-20A and rules promulgated under the chapter;

(2)    The background and experience in general, and the experience in audits of insurers of the staff assigned to the engagement and whether each is an independent certified public accountant. Nothing in this section prohibits the accountant from utilizing the staff as he deems appropriate if such use is consistent with the standards prescribed by generally accepted auditing standards;

(3)    That the accountant understands the annual audited financial report and his opinion thereon will be filed in compliance with this chapter and that the director 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 §§ 58-43-18 and 58-43-19 and that the accountant consents and agrees to make available for review by the director, his designee or his appointed agent, the workpapers, as defined in §§ 58-43-18 and 58-43-19;

(5)    A representation that the accountant is properly licensed by an appropriate state licensing authority and is a member in good standing in the American Institute of Certified Public Accountants;

(6)    A representation that the accountant is in compliance with the requirements of §§ 58-43-9 to 58-43-12, inclusive, of this chapter.

Source: SL 1992, ch 357, § 17.