reglab/housing_qa huggingface dataset:
MO Rev Stat § 375.1030 (2021)
2021 Missouri Revised Statutes|Title XXIV - Business and Financial Institutions|Chapter 375 - Provisions Applicable to All Insurance Companies|Section 375.1030 - Annual audit required, report filed, when — extensions granted, when — audit committee required, when.

Effective - 28 Aug 2009   375.1030. Annual audit required, report filed, when — extensions granted, when — audit committee required, when. — 1. All insurers shall have an annual audit by an independent certified public accountant and shall file an audited financial report with the director on or before June first for the year ended December thirty-first immediately preceding. The director may require an insurer to file an audited financial report earlier than June first with ninety days' advance notice to the insurer.  2. Extensions of the June first filing date may be granted by the director for thirty-day periods upon a showing by the insurer and its independent certified public accountant of the reasons for requesting such extension and determination by the director of good cause for an extension. The request for extension must be submitted in writing not less than ten days prior to the due date in sufficient detail to permit the director to make an informed decision with respect to the requested extension.  3. If an extension is granted in accordance with the provisions of subsection 2 of this section, a similar extension of thirty days is granted to the filing of management's report of internal control over financial reporting.  4. Every insurer required to file an annual audited financial report under sections 375.1025 to 375.1062 shall designate a group of individuals as constituting its audit committee, as defined in section 375.1025. The audit committee of an entity that controls an insurer may be deemed to be the insurer's audit committee for purposes of sections 375.1025 to 375.1062 at the election of the controlling person. ­­-------- (L. 1991 H.B. 385, et al. § 4, A.L. 1992 H.B. 1574, A.L. 1993 H.B. 709, A.L. 2009 H.B. 577)
MO Rev Stat § 375.1032 (2021)
2021 Missouri Revised Statutes|Title XXIV - Business and Financial Institutions|Chapter 375 - Provisions Applicable to All Insurance Companies|Section 375.1032 - Audited financial report, contents — form.

Effective - 28 Aug 2009   375.1032. Audited financial report, contents — form. — 1. The annual audited financial report shall report the financial condition of the insurer as of the end of the most recent calendar year and the results of its operation, cash flows and changes in capital and surplus for the previous year ended in conformity with accounting practices prescribed, or otherwise permitted, by law or rule of the department of insurance of the state of domicile of the insurer.  2. The annual audited financial report shall include the following:  (1) Report of independent certified public accountant;  (2) Balance sheet reporting admitted assets, liabilities, capital and surplus;  (3) Statement of operations;  (4) Statement of cash flow;  (5) Statement of changes in capital and surplus;  (6) Notes to financial statements. These notes shall be those required by the appropriate National Association of Insurance Commissioners' Annual Statement Instructions and* the NAIC's Accounting Practices and Procedures Manual as adopted by the director and shall include a reconciliation of differences, if any, between the audited statutory financial statements and the annual statement filed pursuant to section 375.041 and section 354.105, 354.435, 376.350, 377.100, 377.380, 378.350, 379.105, 380.051 or 380.482, with a written description of the nature of these differences.  3. 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 director, and the financial statement shall be comparative, presenting the amounts as of December thirty-first of the current year and the amounts as of the immediately preceding December thirty-first. However, in the first year in which an insurer is required to file an audited financial report, the comparative data may be omitted. ­­-------- (L. 1991 H.B. 385, et al. § 5, A.L. 1992 H.B. 1574, A.L. 2009 H.B. 577)  *Word "and" does not appear in original rolls.
MO Rev Stat § 375.1038 (2021)
2021 Missouri Revised Statutes|Title XXIV - Business and Financial Institutions|Chapter 375 - Provisions Applicable to All Insurance Companies|Section 375.1038 - Consolidated or combined financial statements permitted, when — worksheet , contents.

Effective - 28 Aug 2009   375.1038. Consolidated or combined financial statements permitted, when — worksheet , contents. — An insurer may make written application to the director 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 that utilizes a pooling or one hundred percent 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 such cases, a columnar consolidating or combining worksheet shall be filed with the report as follows:  (1) Amounts shown on the consolidated or combined audited financial report shall be shown on the worksheet;  (2) Amounts for each insurer subject to this section shall be stated separately;  (3) Noninsurance operations may be shown on the worksheet on a combined or individual basis;  (4) Explanations of consolidating and eliminating entries shall be included; and  (5) A reconciliation shall be included of any differences between the amounts shown in the individual insurer columns of the worksheet and comparable amounts shown on the annual statements of the insurers. ­­-------- (L. 2009 H.B. 577)
MO Rev Stat § 375.1040 (2021)
2021 Missouri Revised Statutes|Title XXIV - Business and Financial Institutions|Chapter 375 - Provisions Applicable to All Insurance Companies|Section 375.1040 - Accountant's letter, contents.

Effective - 28 Aug 2009   375.1040. Accountant's letter, contents. — The accountant shall furnish the insurer in connection with, and for inclusion in, the filing of the annual audited financial report, a letter stating:  (1) Such accountant is independent with respect to the insurer and conforms to the standards of his or her 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 Missouri board of accountancy, or similar code;  (2) The background and experience in general, and the experience in audits of insurers, of the staff assigned to audit the financial statements of the insurer and whether each is an independent certified public accountant. Nothing within this requirement shall be construed as prohibiting the accountant from utilizing such staff as he or she 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 opinion thereon will be filed in compliance with sections 375.1025 to 375.1062 and that the director will be relying on this information in the monitoring and regulation of the financial position of the insurer;  (4) That the accountant consents to the requirements of section 375.1050 and that the accountant consents and agrees to make available for review by the director, the director's designee or appointed agent, the workpapers, as defined in section 375.1050;  (5) That the accountant is properly licensed by an appropriate state licensing authority and that the accountant is a member in good standing in the American Institute of Certified Public Accountants;  (6) That the accountant is in compliance with the requirements of section 375.1037. ­­-------- (L. 1991 H.B. 385, et al. § 8, A.L. 1992 H.B. 1574, A.L. 2009 H.B. 577)
MO Rev Stat § 375.1042 (2021)
2021 Missouri Revised Statutes|Title XXIV - Business and Financial Institutions|Chapter 375 - Provisions Applicable to All Insurance Companies|Section 375.1042 - Audit of financial statement by independent accountant.

Effective - 28 Aug 2009   375.1042. Audit of financial statement by independent accountant. — Financial statements of the insurer to be filed pursuant to section 375.1030 shall be examined by an independent certified public accountant. The audit by the independent certified public accountant of the insurer's financial statements shall be conducted in accordance with generally accepted auditing standards. In accordance with AU Section 319 of the Professional Standards of the AICPA, Consideration of Internal Control in a Financial Statement Audit, the independent certified public accountant should 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 under section 375.1056, the independent certified public accountant should consider, as such term is defined in Statement on Auditing Standards (SAS) No. 102, Defining Professional Requirements in Statements on Auditing Standards or its replacement, the most recently available report in planning and performing the audit of the statutory financial statements. Consideration shall be given to 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. ­­-------- (L. 1991 H.B. 385, et al. § 9, A.L. 2009 H.B. 577)
MO Rev Stat § 375.1045 (2021)
2021 Missouri Revised Statutes|Title XXIV - Business and Financial Institutions|Chapter 375 - Provisions Applicable to All Insurance Companies|Section 375.1045 - Report of findings of accountant to insurer, contents.

Effective - 28 Aug 2009   375.1045. Report of findings of accountant to insurer, contents. — 1. The insurer required to furnish the annual audited financial report shall require the independent certified public accountant to report, in writing, within five 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 that the insurer does not meet the minimum capital and surplus requirement of the law as of that date. An insurer who has received a report pursuant to this subsection shall forward a copy of the report to the director within five business days of receipt of such 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 such evidence within the required five-business-day period, the independent certified public accountant shall furnish to the director a copy of its report within the next five business days.  2. No independent public accountant shall be liable in any manner to any person for any statement made in connection with subsection 1 of this section if such statement is made in good faith in compliance with subsection 1 of this section.  3. If the accountant, subsequent to the date of the audited financial report filed under sections 375.1025 to 375.1062, becomes aware of facts which might have affected his or her report, such accountant is required to take such action as prescribed in the professional standards of the American Institute of Certified Public Accountants. ­­-------- (L. 1991 H.B. 385, et al. § 10, A.L. 2009 H.B. 577)
MO Rev Stat § 375.1047 (2021)
2021 Missouri Revised Statutes|Title XXIV - Business and Financial Institutions|Chapter 375 - Provisions Applicable to All Insurance Companies|Section 375.1047 - Unremediated material weaknesses to be furnished to director, requirements — insurer to communicate remedial actions taken.

Effective - 28 Aug 2009   375.1047. Unremediated material weaknesses to be furnished to director, requirements — insurer to communicate remedial actions taken. — 1. In addition to the annual audited financial report, each insurer shall furnish the director with a written communication as to any unremediated material weaknesses in its internal control over financial reporting noted during the audit. Such communication shall be prepared by the accountant within sixty days after the filing of the annual audited financial report and shall contain a description of any unremediated material weakness, as the term material weakness is defined by Statement on Auditing Standard 60, Communication of Internal Control Related Matters Noted in an Audit, or its replacement, as of December thirty-first immediately preceding in the insurer's internal control over financial reporting noted by the accountant during the course of their audit of the financial statements. If no unremediated material weaknesses were noted, the communication shall so state.  2. The insurer is required to 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. ­­-------- (L. 1991 H.B. 385, et al. § 11, A.L. 2009 H.B. 577)
MO Rev Stat § 375.1050 (2021)
2021 Missouri Revised Statutes|Title XXIV - Business and Financial Institutions|Chapter 375 - Provisions Applicable to All Insurance Companies|Section 375.1050 - Workpapers, defined — availability to insurance examiners — confidentiality of.

Effective - 28 Aug 2009   375.1050. Workpapers, defined — availability to insurance examiners — confidentiality of. — 1. As used in this section, "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 such accountant's 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 such accountant's audit of the financial statements of an insurer and which support such accountant's opinion.  2. Every insurer required to file an audited financial report pursuant to sections 375.1025 to 375.1062 shall require the accountant to make available for review by the examiners of the department of commerce and insurance all workpapers prepared in the conduct of the accountant's audit and any communications related to the audit between the accountant and the insurer, at the offices of the insurer, at the department of commerce and insurance or at any other reasonable place designated by the director. 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 years from the date of the audit report.  3. In the conduct of any examination or review by the department examiners, 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 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. ­­-------- (L. 1991 H.B. 385, et al. § 12, A.L. 1992 H.B. 1574, A.L. 1993 H.B. 709, A.L. 2009 H.B. 577)
MO Rev Stat § 375.1054 (2021)
2021 Missouri Revised Statutes|Title XXIV - Business and Financial Institutions|Chapter 375 - Provisions Applicable to All Insurance Companies|Section 375.1054 - Prohibited acts — violation, penalty.

Effective - 28 Aug 2009   375.1054. Prohibited acts — violation, penalty. — 1. No director or officer of an insurer shall, directly or indirectly:  (1) Make or cause to be made a materially false or misleading statement to an accountant in connection with any audit, review, or communication required under sections 375.1025 to 375.1062; or  (2) Omit to state, or cause another person to omit to state, any material fact necessary in order to make statements made, in light of the circumstances under which the statements were made, not misleading to an accountant in connection with any audit, review, or communication required under sections 375.1025 to 375.1062.  2. No officer or director of an insurer, or any other person acting under the direction thereof, shall directly or indirectly take any action to coerce, manipulate, mislead, or fraudulently influence any accountant engaged in the performance of an audit under sections 375.1025 to 375.1062 if such person knew or should have known that the action, if successful, could result in rendering the insurer's financial statements materially misleading.  3. For purposes of subsection 2 of this section, actions that, "if successful, could result in rendering the insurer's financial statements materially misleading" include, but are not limited to, actions taken at any time with respect to the professional engagement period to coerce, manipulate, mislead, or fraudulently influence an accountant:  (1) To issue or reissue a report on an insurer's financial statements that is not warranted in the circumstances, due to material violations of statutory accounting principles prescribed by the director, generally accepted auditing standards, or other professional or regulatory standards;  (2) Not to perform audit, review, or other procedures required by generally accepted auditing standards or other professional standards;  (3) Not to withdraw an issued report; or  (4) Not to communicate matters to an insurer's audit committee.  4. Any violation of any provision of this section is a level three violation under section 374.049. ­­-------- (L. 2009 H.B. 577)
MO Rev Stat § 375.1057 (2021)
2021 Missouri Revised Statutes|Title XXIV - Business and Financial Institutions|Chapter 375 - Provisions Applicable to All Insurance Companies|Section 375.1057 - Canadian and British insurers, special requirements.

Effective - 28 Aug 2009   375.1057. Canadian and British insurers, special requirements. — 1. 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.  2. For such Canadian and British insurers, the letter required by subsection 2 of section 375.1035 shall state that the accountant is aware of the requirements relating to the annual audited financial report filed with the director pursuant to section 375.1030 and shall affirm that the opinion expressed is in conformity with such requirements. ­­-------- (L. 1991 H.B. 385, et al. § 15, A.L. 2009 H.B. 577)
MO Rev Stat § 375.1058 (2021)
2021 Missouri Revised Statutes|Title XXIV - Business and Financial Institutions|Chapter 375 - Provisions Applicable to All Insurance Companies|Section 375.1058 - Internal audit function — exemption, when — requirements.

Effective - 01 Jan 2019   375.1058. Internal audit function — exemption, when — requirements. — 1. An insurer is exempt from the requirements of this section if:  (1) The insurer has annual direct written and unaffiliated assumed premium, including international direct and assumed premium but excluding premiums reinsured with the Federal Crop Insurance Corporation and Federal Flood Program, totaling less than five hundred million dollars; and  (2) The insurer is a member of a group of insurers that has annual direct written and unaffiliated assumed premium, including international direct and assumed premium but excluding premiums reinsured with the Federal Crop Insurance Corporation and Federal Flood Program, totaling less than one billion dollars.  2. An insurer or group of insurers shall establish an internal audit function providing independent, objective, and reasonable assurance to the audit committee and insurer management regarding the insurer's governance, risk management, and internal controls. This assurance shall be provided by performing general and specific audits, reviews, and tests and by employing other techniques deemed necessary to protect assets, evaluate control effectiveness and efficiency, and evaluate compliance with policies and regulations.  3. In order to ensure that internal auditors remain objective, the internal audit function shall be organizationally independent. Specifically, the internal audit function shall not defer ultimate judgment on audit matters to others and shall appoint an individual to head the internal audit function who will have direct and unrestricted access to the board of directors. Organizational independence does not preclude dual-reporting relationships.  4. The head of the internal audit function shall report to the audit committee regularly, but no less than annually, on the periodic audit plan, factors that may adversely impact the internal audit function's independence or effectiveness, material findings from completed audits, and the appropriateness of corrective actions implemented by management as a result of audit findings.  5. If an insurer is a member of an insurance holding company system or included in a group of insurers, the insurer may satisfy the internal audit function requirements set forth in this section at the ultimate controlling parent level, an intermediate holding company level, or the individual legal entity level. ­­-------- (L. 2018 S.B. 593)  Effective 1-01-19
MO Rev Stat § 375.1060 (2021)
2021 Missouri Revised Statutes|Title XXIV - Business and Financial Institutions|Chapter 375 - Provisions Applicable to All Insurance Companies|Section 375.1060 - Certification filed with annual statement, when — director shall promulgate rules, purpose.

Effective - 28 Aug 1993   375.1060. Certification filed with annual statement, when — director shall promulgate rules, purpose. — 1. Each health services corporation organized pursuant to sections 354.010 to 354.380 shall file with its annual statement required by section 354.105 and section 375.041 a certification by a member in good standing of the American Academy of Actuaries.  2. Each life insurance company organized under chapter 376 shall file with its annual statement required by section 375.041 and section 376.350 a certification by a member in good standing of the American Academy of Actuaries. Filing the opinion required by subsection 4 of section 376.380 will satisfy the requirement of this subsection if such opinion also complies with subsection 6 of this section.  3. Each insurance company other than a life insurance company, organized under chapter 379, shall file with its annual statement required by section 375.041 and section 379.105 a certification by a member in good standing of the American Academy of Actuaries.  4. Except as provided by subsection 6 of this section, the certification required of a health services corporation and a life insurance company by subsections 1 and 2 of this section must conform to the National Association of Insurance Commissioners' annual statement instructions for life and accident and health insurers.  5. Except as provided by subsection 6 of this section, the certification required of an insurance company other than life by subsection 3 of this section must conform to the National Association of Insurance Commissioners' annual statement instructions for property and casualty insurers.  6. Notwithstanding any provision of the National Association of Insurance Commissioners' annual statement instruction for life and accident and health or property and casualty insurers, the certification must be made by a member in good standing of the American Academy of Actuaries.  7. The director shall promulgate such rules as are necessary for the implementation and administration of this section. ­­-------- (L. 1991 H.B. 385, et al. § 16, A.L. 1993 H.B. 709)