Idaho Administrative Code › Title IDAPA 18 - Insurance, Department of › Rule 18.07.04 - ANNUAL FINANCIAL REPORTING › Section 18.07.04.013 - DESIGNATION OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANT

Current through August 31, 2023
01.
Registration with the
			 Director
. Each insurer prescribed by this rule to file an annual audited
			 financial report needs, within sixty (60) days after becoming subject to the
			 requirement, to register with the Director 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 the effective date of this rule will 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. (3-31-22)
02.
Letter
			 of Awareness
. The insurer will obtain a letter from the accountant, and
			 file a copy with the Director stating that the accountant is aware of the
			 provisions of the Insurance Code and the Department's rules of the state of
			 domicile that relate to accounting and financial matters and affirming that
			 they 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 appropriate exceptions.
			 (3-31-22)
03.
Dismissal or
			 Resignation
. If an accountant who was the accountant for the immediately
			 preceding filed audited financial report is dismissed or resigns, the insurer
			 will within five (5) business days notify the Department. The insurer will also
			 furnish the Director with a separate letter within ten (10) business days after
			 the above notification stating whether in the twenty-four (24) months preceding
			 such event 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 disagreements, if not resolved to the
			 satisfaction of the former accountant, would have caused the accountant to make
			 reference to the subject matter of the disagreement in connection with the
			 opinion. The disagreements need to be reported in response to this rule include
			 those resolved to the former accountant's satisfaction and not resolved to the
			 former accountant's satisfaction. Disagreements contemplated by this section
			 occur at the decision-making level, such as between personnel of the insurer
			 responsible for presentation of financial statements and personnel of the
			 accounting firm responsible for rendering the report. The insurer will also in
			 writing request the former accountant to furnish a letter addressed 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 the accountant
			 does not agree; and the insurer will furnish such responsive letter from the
			 former accountant to the Director with its own. (3-31-22)