Oklahoma Administrative Code › Title 365 - Insurance Department › Chapter 25 - Other Licensees › Subchapter 15 - Captive Insurance Companies Regulation › Section 365:25-15-4 - Independent Certified Public Accountant

Current through Vol. 41,
				No. 20, July 1, 2024
(a)
Designation of Independent Certified Public Accountant.
Each
				company shall provide to the Commissioner the name and address of the
				independent certified public accounting firm retained to conduct the annual
				audit required under this regulation not less than six months before the date
				on which the first annual audit conducted by such firm is to be filed with the
				Commissioner in accordance with Section 3 of this Subchapter. The certified
				public accountant that is retained to conduct the annual audit must be selected
				from the list of approved certified public accounting firms or individual
				certified public accountants maintained by the Insurance
				Commissioner.
(b)
Notification of Adverse Financial Condition.
A company shall
				require the independent certified public accountant conducting its annual audit
				to immediately notify in writing an officer and all members of the Board of
				Directors of the company of any determination by the independent certified
				public accountant that the company has materially misstated its financial
				condition in its report to the Insurance Commissioner as required in Sections
				311
				or
				6470.11 of Title
				36 of the Oklahoma Statutes. The company, or its designated captive insurance
				manager, shall furnish such notification to the Insurance Commissioner within
				five working days of receipt thereof.
(c)
Availability and Maintenance of
				Working Papers of the Independent Certified Public Accountant.
(1) Each company shall require the
				independent certified public accountant to make available for review by the
				Insurance Commissioner, or his appointed agent or examiner, the work papers
				prepared in the conduct of the audit of the company. The company shall require
				that the accountant retain the audit work papers for a period of not less than
				seven (7) years after the period reported upon.
(2) The aforementioned review by the
				Insurance Commissioner shall be considered investigations and/or examination
				and all working papers obtained during the course of such investigations and/or
				examination shall be confidential pursuant to 36 O.S. §
										6470.13(B).
				The company shall require that the independent certified public accountant
				provide copies of any of the working papers which the Insurance Commissioner
				considers relevant. Such working papers may be retained by the Insurance
				Commissioner.
(3) " Working Papers"
				as referred to in this section means procedures followed, the tests performed,
				the information obtained, and the conclusions reached pertinent to its audit of
				the financial statements of a company, including but not necessarily limited
				to, schedules, analyses, reconciliations, abstracts, memoranda, narratives,
				flow charts, copies of company records or other documents prepared or obtained
				by the accountant and his employees in the conduct of their examination of the
				company.