Nebraska Administrative Code › Topic - INSURANCE, DEPARTMENT OF › Title 210 - NEBRASKA DEPARTMENT OF INSURANCE › Chapter 56 - ANNUAL AUDITED FINANCIAL REPORTS › Section 210-56-006 - Designation of independent certified public accountant

Current through June 17, 2024
006.01 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
				Director in writing the name and address of the independent certified public
				accountant or accounting firm, generally referred to in this Rule as the
				"accountant," 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.
006.02 The Insurer shall
				obtain a letter from such accountant, and file a copy with the Director stating
				that the accountant is aware of the provisions of the insurance statutes 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 or her opinion on the financial statements in the terms of
				their conformity to the statutory accounting practices prescribed or otherwise
				permitted by that Insurance Department, specifying such exceptions as he or she
				may believe appropriate.
006.03 If
				an accountant who was the accountant for the immediately preceding filed
				Audited financial report is dismissed or resigns, the Insurer shall notify the
				Department of this event within five (5) business days of this event. The
				Insurer shall also furnish the Director with a separate letter within ten (10)
				business days of the above notification stating whether in the twenty-four
				months (24) 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 required 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 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 which he or she does
				not agree; and the Insurer shall furnish such responsive letter from the former
				accountant to the Director together with its own.