Oklahoma Administrative Code › Title 365 - Insurance Department › Chapter 25 - Other Licensees › Subchapter 7 - Companies › Part 19 - ANNUAL FINANCIAL REPORTING › Section 365:25-7-105 - Designation of independent certified public accountant

Current
				  through Vol. 41, No. 20, July 1, 2024
(a) Each insurer required by this regulation
				  to file an annual audited financial report must within sixty (60) days after
				  becoming subject to the 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
				  regulation. Insurers not retaining an independent certified public accountant
				  on the effective date of this regulation 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.
(b) 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
				  regulations of the Insurance Department of the state of domicile that relate to
				  accounting and financial matters and affirming that the accountant will express
				  his or her opinion on the financial statements in 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.
(c) 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 insurer shall also 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 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 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 shall furnish the
				  responsive letter from the former accountant to the commissioner together with
				  its own.