Iowa Administrative Code › Agency 191 - Insurance Division › Insurance Coverage for Pediatric Preventive Services › Chapter 98 - Annual Financial Reporting Requirements › Rule 191-98.6 - Designation of Independent Certified Public Accountant

Current through Register Vol. 47, No. 3, July 24, 2024
Each insurer required by this chapter to file an annual
				  audited financial report must, within 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 as set forth in this chapter Insurers not retaining an
				  independent certified public accountant on January 1, 2010, shall register the
				  name and address of their retained independent certified public accountant not
				  less than six months before the date when the first audited financial report is
				  to be filed.
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 Title XIII of the Iowa Code and administrative rules thereunder
				  that relate to accounting and financial matters and affirming that the
				  accountant will express an opinion on the financial statements in terms of
				  their conformity to the statutory accounting practices prescribed or otherwise
				  permitted by the insurance division, specifying such exceptions as the
				  accountant may believe appropriate.
If an accountant who was the accountant for the immediately
				  preceding filed audited financial report is dismissed or resigns, the insurer
				  shall within five business days notify the division of this event. The insurer
				  shall also furnish the commissioner with a separate letter within ten business
				  days of the above notification stating whether in the 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, and if any such 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 required to be reported in response to this rule
				  include both those resolved to the former accountant's satisfaction and those
				  not resolved to the former accountant's satisfaction. Disagreements
				  contemplated by this rule are those that occur at the decision-making level,
				  i.e., between personnel of the insurer responsible for the presentation of its
				  financial statements and personnel of the accounting firm responsible for
				  rendering its report. The insurer shall also in writing request such 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 the disagreement; and the insurer shall furnish
				  such responsive letter from the former accountant to the commissioner together
				  with its own.