reglab/housing_qa huggingface dataset:
WY Stat § 26-3-301 (2021)
2021 Wyoming Statutes|Title 26 - Insurance Code|Chapter 3 - Authorization of Insurers and General Requirements|Article 3 - Annual Audited Financial Reports Law|Section 26-3-301 - Scope of Article.

26-3-301. Scope of article.| (a) Every insurer as defined by W.S. 26-1-102(a)(xvi) shall be subject to this article. Insurers having direct premiums written in this state of less than one million dollars ($1,000,000.00) in any calendar year and less than one thousand (1,000) policyholders or certificate holders of direct written policies nationwide at the end of a calendar year shall be exempt from this article for that year except an insurer shall not be exempt if:  (i) The commissioner makes a specific finding that compliance is necessary for the commissioner to carry out statutory responsibilities; or  (ii) The insurer has assumed premiums pursuant to contracts or treaties of reinsurance of one million dollars ($1,000,000.00) or more.  (b) Foreign or alien insurers filing the audited financial report in another state, pursuant to that state's requirement for filing of audited financial reports which has been found by the commissioner to be substantially similar to the requirements of this article, are exempt from W.S. 26-3-303 through 26-3-312 if:  (i) A copy of the audited financial report, communication of internal control related matters noted in an audit and the accountant's letter of qualifications which are filed with the other state are filed with the commissioner and a copy of the audited financial report which is on file with the other state is filed with the National Association of Insurance Commissioners in accordance with the filing dates specified in W.S. 26-3-303, 26-3-310 and 26-3-311, respectively. Canadian insurers may submit accountants' reports as filed with the office of the superintendent of financial institutions, Canada; and  (ii) A copy of any notification of adverse financial condition report filed with the other state is filed with the commissioner within the time specified in W.S. 26-3-309.  (c) This article shall not prohibit, preclude or in any way limit the commissioner from ordering or conducting or performing examinations of insurers under this code or regulations and the practices and procedures of the department.  (d) Foreign or alien insurers required to file management's report of internal control over financial reporting in another state are exempt from filing the report in this state provided the other state has substantially similar reporting requirements and the report is filed with the commissioner of the other state within the time specified.
WY Stat § 26-3-303 (2021)
2021 Wyoming Statutes|Title 26 - Insurance Code|Chapter 3 - Authorization of Insurers and General Requirements|Article 3 - Annual Audited Financial Reports Law|Section 26-3-303 - General Requirements Related to Filing and Extensions for Filing of Annual Audited Financial Reports; Audit Committee Appointment.

26-3-303. General requirements related to filing and extensions for filing of annual audited financial reports; audit committee appointment.| (a) All insurers shall have an annual audit by an independent certified public accountant and shall file an audited financial report with the commissioner on or before June 1 for the immediately preceding calendar year. The commissioner may require an insurer to file an audited financial report earlier than June 1 with ninety (90) days advance notice to the insurer.  (b) Extensions of the June 1 filing date may be granted by the commissioner for thirty (30) day periods upon a showing by the insurer and its independent certified public accountant of the reasons for requesting the extension and a determination by the commissioner there is good cause for an extension. The request for extension shall be submitted in writing not less than ten (10) days prior to the due date in sufficient detail to permit the commissioner to make an informed decision with respect to the requested extension.  (c) If an extension is granted in accordance with subsection (b) of this section, a similar extension of thirty (30) days is granted to the filing of the management's report of internal control over financial reporting.  (d) Every insurer required to file an annual audited financial report pursuant to this section shall designate a group of individuals as constituting its audit committee. The audit committee of an entity that controls an insurer may be deemed to be the insurer's audit committee for purposes of this article at the election of the controlling person.
WY Stat § 26-3-304 (2021)
2021 Wyoming Statutes|Title 26 - Insurance Code|Chapter 3 - Authorization of Insurers and General Requirements|Article 3 - Annual Audited Financial Reports Law|Section 26-3-304 - Contents of Annual Audited Financial Report.

26-3-304. Contents of annual audited financial report.| (a) The annual audited financial report shall report the financial position of the insurer as of the end of the most recent calendar year and the results of its operations, cash flows and changes in capital and surplus for that year in conformity with statutory accounting practices prescribed or permitted by the department of insurance of the state of domicile.  (b) The annual audited financial report shall include the following:  (i) Report of an independent certified public accountant;  (ii) Balance sheet reporting admitted assets, liabilities, capital and surplus;  (iii) Statement of operations;  (iv) Statement of cash flows;  (v) Statement of changes in capital and surplus;  (vi) Notes to financial statements. The notes shall be those required by the appropriate National Association of Insurance Commissioners' annual statement instructions and the most recent National Association of Insurance Commissioners' accounting practices and procedures manual. The notes shall include:  (A) A reconciliation of differences, if any, between the audited statutory financial statements and the annual statement filed pursuant to W.S. 26-3-123 with a written description of the nature of these differences;  (B) Repealed By Laws 2001, Ch. 9, § 2.  (vii) The financial statements included in the audited financial report shall be prepared in a form and using language and groupings substantially the same as the relevant sections of the annual statement of the insurer filed with the commissioner. The financial statement shall be comparative, presenting the amounts as of December 31 of the current year and the amounts as of the immediately preceding December 31.
WY Stat § 26-3-305 (2021)
2021 Wyoming Statutes|Title 26 - Insurance Code|Chapter 3 - Authorization of Insurers and General Requirements|Article 3 - Annual Audited Financial Reports Law|Section 26-3-305 - Designation of Independent Certified Public Accountant.

26-3-305. Designation of independent certified public accountant.| (a) Each insurer required by this article to file an annual audited financial report shall within sixty (60) days after becoming subject to the requirement, register with the commissioner in writing the name and address of the independent certified public accountant or accounting firm retained to conduct the annual audit. Insurers not retaining an independent certified public accountant on or before April 1, 1994 shall register the name and address of their retained independent certified public accountant not less than six (6) months before the date when the first audited financial report is to be filed.  (b) The insurer shall obtain a letter from the accountant, and file a copy with the commissioner stating that the accountant is aware of the provisions of the insurance code and the rules and regulations of the insurance department of the state of domicile that relate to accounting and financial matters and affirming that he will express his opinion on the financial statements in terms of their conformity to the statutory accounting practices prescribed or otherwise permitted by that department, specifying the exceptions he believes appropriate.  (c) If an accountant who was the accountant for the immediately preceding filed audited financial report is dismissed or resigns, the insurer shall within five (5) business days notify the department of this event. The insurer shall also furnish the commissioner with a separate letter within ten (10) business days of the above notification stating whether in the twenty-four (24) months preceding the dismissal or resignation there were any disagreements with the former accountant on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure which, if not resolved to the satisfaction of the former accountant would have caused him to make reference to the subject matter of the disagreement in connection with his opinion. The disagreements required to be reported under this subsection include both those resolved to the former accountant's satisfaction and those not resolved to the former accountant's satisfaction. Disagreements required to be reported under this subsection are those which occur at the decision-making level, between personnel of the insurer responsible for presentation of its financial statements and personnel of the accounting firm responsible for rendering its report. The insurer shall also in writing request and the former accountant shall furnish a letter addressed to the department with a copy to the insurer stating whether the accountant agrees with the statements contained in the insurer's letter and, if not, stating the reasons for which he does not agree.
WY Stat § 26-3-307 (2021)
2021 Wyoming Statutes|Title 26 - Insurance Code|Chapter 3 - Authorization of Insurers and General Requirements|Article 3 - Annual Audited Financial Reports Law|Section 26-3-307 - Consolidated or Combined Audits.

26-3-307. Consolidated or combined audits.| (a) An insurer may make written application to the commissioner for approval to file audited consolidated or combined financial statements in lieu of separate annual audited financial statements if the insurer is part of a group of insurance companies which utilizes a pooling or one hundred percent (100%) reinsurance agreement that affects the solvency and integrity of the insurer's reserves and the insurer cedes all of its direct and assumed business to the pool. In those cases, a columnar consolidating or combining supplemental schedules shall be filed with the report, as follows:  (i) Amounts shown on the consolidated or combined audited financial report shall be shown on the supplemental schedules;  (ii) Amounts for each insurer subject to this section shall be stated separately;  (iii) Noninsurance operations may be shown on the supplemental schedules on a combined or individual basis;  (iv) Explanations of consolidating and eliminating entries shall be included;  (v) A reconciliation shall be included of any differences between the amounts shown in the individual insurer columns of the supplemental schedules and comparable amounts shown on the annual statements of the insurers.
WY Stat § 26-3-308 (2021)
2021 Wyoming Statutes|Title 26 - Insurance Code|Chapter 3 - Authorization of Insurers and General Requirements|Article 3 - Annual Audited Financial Reports Law|Section 26-3-308 - Scope of Audit and Report of Independent Certified Public Accountant.

26-3-308. Scope of audit and report of independent certified public accountant.| Financial statements furnished pursuant to W.S. 26-3-304 shall be examined by the independent certified public accountant. The audit of the insurer's financial statements shall be conducted in accordance with generally accepted auditing standards. In accordance with Accumulation of Audit Standards (AU) Section 319 of the professional standards of the American Institute of Certified Public Accountants, Consideration of Internal Control in a Financial Statement Audit, the independent certified public accountant shall obtain an understanding of internal control sufficient to plan the audit. To the extent required by AU 319, for those insurers required to file a management's report of internal control over financial reporting pursuant to W.S. 26-3-318, the independent certified public accountant shall consider the most recently available report in planning and performing the audit of the statutory financial statements. Consideration shall be given to the procedures illustrated in the financial condition examiner's handbook promulgated by the National Association of Insurance Commissioners as the independent certified public accountant deems necessary.
WY Stat § 26-3-309 (2021)
2021 Wyoming Statutes|Title 26 - Insurance Code|Chapter 3 - Authorization of Insurers and General Requirements|Article 3 - Annual Audited Financial Reports Law|Section 26-3-309 - Notification of Adverse Financial Condition.

26-3-309. Notification of adverse financial condition.| (a) An insurer required to furnish an annual audited financial report shall require the independent certified public accountant to report, in writing, within five (5) business days to the board of directors or its audit committee any determination supported by adequate research conducted by the independent certified public accountant:  (i) That the insurer has materially misstated its financial condition reported to the commissioner as of the balance sheet date currently under audit; or  (ii) That the insurer does not meet the minimum capital and surplus requirement of this code as of that date.  (b) An insurer which has received a report pursuant to subsection (a) of this section shall forward a copy of the report to the commissioner within five (5) 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.  (c) Upon receiving the report from the insurer the commissioner shall notify the independent certified public accountant of his receipt of the report. The independent certified public accountant shall furnish the commissioner with a copy of the report within five (5) business days after the insurer is required to forward the report to the commissioner, unless the commissioner has previously acknowledged receipt of the report from the insurer.  (d) Except for any act constituting negligence or malpractice in the preparation of the annual audited financial report specified in W.S. 26-3-304, no independent certified public accountant shall be liable in any manner to any person for any statement made in connection with subsection (a) of this section if the statement is made in good faith in compliance with subsection (a) of this section.  (e) If the accountant, subsequent to the date of the audited financial report filed pursuant to this article, becomes aware of facts which might have affected his report, the accountant shall take the action prescribed in Volume 1, Section AU 561 of the Professional Standards of the American Institute of Certified Public Accountants, and other action as prescribed by the commissioner by rule.
WY Stat § 26-3-310 (2021)
2021 Wyoming Statutes|Title 26 - Insurance Code|Chapter 3 - Authorization of Insurers and General Requirements|Article 3 - Annual Audited Financial Reports Law|Section 26-3-310 - Communication of Internal Control Related Matters Noted in an Audit.

26-3-310. Communication of internal control related matters noted in an audit.| In addition to the annual audited financial report, each insurer shall furnish the commissioner with a written communication as to any unremediated material weakness, as defined in statement on auditing standard 60 or its replacement, in its internal control over financial reporting noted by the accountant during the audit. Such communication shall be prepared by the accountant within sixty (60) days after the filing of the annual audited financial report and shall contain a description of any unremediated material weakness as of December 31 immediately preceding in the insurer's internal control over financial reporting noted by the accountant during the course of the audit of the financial statements. If no unremediated material weaknesses were noted, the communication shall so state. The insurer shall provide a description of remedial actions taken or proposed to correct unremediated material weaknesses, if the actions are not described in the accountant's communication.
WY Stat § 26-3-311 (2021)
2021 Wyoming Statutes|Title 26 - Insurance Code|Chapter 3 - Authorization of Insurers and General Requirements|Article 3 - Annual Audited Financial Reports Law|Section 26-3-311 - Accountant's Letter of Qualifications.

26-3-311. Accountant's letter of qualifications.| (a) An accountant shall furnish the insurer in connection with, and for inclusion in, the filing of the annual audited financial report, a letter stating:  (i) 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 the rules of professional conduct of the Wyoming board of certified public accountants, or similar code;  (ii) 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 within this article shall be construed as prohibiting the accountant from utilizing staff as he deems appropriate where use is consistent with the standards prescribed by generally accepted auditing standards;  (iii) That the accountant understands the annual audited financial report and his opinion on the report will be filed in compliance with this article, and that the commissioner will be relying on this information in the monitoring and regulation of the financial position of insurers;  (iv) That the accountant consents to the requirements of W.S. 26-3-312, and that the accountant consents and agrees to make available for review by the commissioner, his designee or his appointed agent, the workpapers, as defined in W.S. 26-3-312;  (v) 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;  (vi) A representation that the accountant is in compliance with the requirements of W.S. 26-3-306.
WY Stat § 26-3-312 (2021)
2021 Wyoming Statutes|Title 26 - Insurance Code|Chapter 3 - Authorization of Insurers and General Requirements|Article 3 - Annual Audited Financial Reports Law|Section 26-3-312 - Definition, Availability and Maintenance of Independent Certified Public Accountants' Workpapers.

26-3-312. Definition, availability and maintenance of independent certified public accountants' workpapers.| (a) Workpapers are the records kept by the independent certified public accountant of the procedures followed, the tests performed, the information obtained, and the conclusions reached pertinent to his audit of the financial statements of an insurer. Workpapers may include audit planning documentation, work programs, analyses, memoranda, letters of confirmation and representation, abstracts of company documents and schedules or commentaries prepared or obtained by the independent certified public accountant in the course of his audit of the financial statements of an insurer and which support his opinion of those financial statements.  (b) Every insurer required to file an audited financial report pursuant to this article shall require the accountant to make available for review by department examiners, all workpapers prepared in the conduct of his audit and any communications related to the audit between the accountant and the insurer, at the offices of the insurer, 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 but no longer than seven (7) years from the date of the audit report.  (c) In the conduct of the periodic review by the department examiners under this section, it shall be agreed that photocopies of pertinent audit workpapers may be made and retained by the department. Such reviews by the department examiners shall be considered investigations and all workpapers and communications obtained during the course of the investigations shall be afforded the same confidentiality as other examination workpapers generated by the department.
WY Stat § 26-3-313 (2021)
2021 Wyoming Statutes|Title 26 - Insurance Code|Chapter 3 - Authorization of Insurers and General Requirements|Article 3 - Annual Audited Financial Reports Law|Section 26-3-313 - Exemptions and Effective Dates.

26-3-313. Exemptions and effective dates.| (a) Upon written application of any insurer, the commissioner may grant an exemption from compliance with any or all provisions of this article if the commissioner finds, upon review of the application, that compliance with this article would constitute a financial or organizational hardship upon the insurer. Exemptions may be granted at any time for a specified period. Within ten (10) days from a denial of an insurer's written request for an exemption from this article, the insurer may request in writing a hearing on its application for an exemption. The hearing shall be held in accordance with the rules and regulations of the department pertaining to administrative hearing procedures.  (b) Repealed by Laws 2009, Ch. 94, § 3.  (c) Repealed by Laws 2009, Ch. 94, § 3.  (d) The requirements of W.S. 26-3-316 are effective January 1, 2019. If an insurer or group of insurers who are exempt from the requirements of W.S. 26-3-316 no longer qualify for the exemption, the insurer or group of insurers shall have one (1) year after the year the threshold is exceeded in which to comply with the requirements of this article.
WY Stat § 26-3-314 (2021)
2021 Wyoming Statutes|Title 26 - Insurance Code|Chapter 3 - Authorization of Insurers and General Requirements|Article 3 - Annual Audited Financial Reports Law|Section 26-3-314 - Canadian and British Companies.

26-3-314. Canadian and British companies.| In the case of Canadian and British insurers, the annual audited financial report shall be defined as the annual statement of total business on the form filed by such companies with their supervision authority duly audited by an independent chartered accountant. For Canadian and British insurers, the letter required in W.S. 26-3-305(b) shall state that the accountant is aware of the requirements relating to the annual audited financial report filed with the commissioner pursuant to W.S. 26-3-303 and shall affirm that the opinion expressed is in conformity with those requirements.