Compilation of Rules and Regulations of the State of Georgia › Department 120 - OFFICE OF COMMISSIONER OF INSURANCE, SAFETY FIRE COMMISSIONER AND INDUSTRIAL LOAN COMMISSIONER › Chapter 120-2 - RULES OF COMMISSIONER OF INSURANCE › Subject 120-2-60 - CPA ANNUAL AUDITED FINANCIAL REPORTS › Rule 120-2-60-.06 - Designation of Independent Certified Public Accountant

Current through Rules and Regulations filed through June 27, 2024
(1) Each insurer
				required by this rule to file an annual Audited financial report must within
				sixty (60) days after becoming subject to such 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 set
				forth in this rule. Insurers not retaining an independent certified public
				accountant on the effective date of this rule 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.
(2) 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 or she 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 such exceptions as he or she may believe
				appropriate.
(3) 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 Commissioner of this event. The Commissioner shall also request that
				the insurer 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 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
				him or her to make reference to the subject matter of the disagreement in
				connection with his or her opinion. The disagreements to be reported in
				response to this section include both those resolved to the former accountant's
				satisfaction and those not resolved to the former accountant's satisfaction.
				Disagreements contemplated by this section are those that occur at the
				decision-making level, i.e., 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 should 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 he or she does not
				agree; and the insurer should furnish the responsive letter from the former
				accountant to the Commissioner together with its own.
O.C.G.A. Secs.
				  33-2-9,
				  33-2-11, 33-2-1333-2-14,
				  33-3-21.