Oregon Administrative Rules › Chapter 836 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, INSURANCE REGULATION › Division 11 - ANNUAL STATEMENTS AND REPORTS BY INSURERS › Section 836-011-0150 - Designation of Independent Certified Public Accountant

Current through Register Vol. 63, No. 7, July 1, 2024
(1) Each insurer required by OAR 836-011-0120  to file an annual audited financial report, within 60 days after becoming
			 subject to the requirement, must register with the Director in writing the name
			 and address of the independent certified public accountant or accounting firm
			 retained to conduct the annual audit set forth in OAR 836-011-0120  and
			 836-011-0150. An insurer not retaining an independent certified public
			 accountant on July 1, 2008 shall register the name and address of its retained
			 independent certified public accountant not less than six months before the
			 date on which the first audited financial report is to be filed.
(2) An insurer shall obtain a letter from the
			 accountant retained by the insurer stating that the accountant is aware of the
			 provisions of the Insurance Code and the rules of the Insurance Department of
			 the state of domicile that relate to accounting and financial matters and
			 affirming that the accountant will express the opinion of the accountant on the
			 financial statements in terms of their conformity with the statutory accounting
			 practices prescribed or otherwise permitted by that Department, specifying
			 exceptions that the accountant believes appropriate. The insurer shall file a
			 copy of the letter with the Director.
(3) If the accountant who was the certified
			 public accountant for the immediately preceding filed audited financial report
			 is dismissed or resigns, the insurer shall so notify the Director not later
			 than the fifth business day after the dismissal or resignation. The insurer
			 shall also do the following:
(a) Notify the
			 Director in a separate letter, not later than the 10th business day after the
			 date of the notice of dismissal or resignation, whether in the 24 months
			 preceding the engagement there were any disagreements with the former
			 accountant on any matter of accounting principles or practices, financial
			 statement disclosure or auditing scope or procedure that, if not resolved to
			 the satisfaction of the former accountant, would have caused the former
			 accountant to make reference to the subject matter of the disagreement in
			 connection with the accountant's opinion. The disagreements required to be
			 reported in response to this subsection include both those resolved to the
			 former accountant's satisfaction and those not resolved to the former
			 accountant's satisfaction, and are those disagreements that occur at the
			 decision making level, between personnel of the insurer responsible for
			 presentation of its financial statements and personnel of the accounting firm
			 responsible for rendering its report.
(b) Request the former accountant, in
			 writing, 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 the accountant does not agree.
(c) Furnish the Director the letter received
			 from the former accountant under subsection (b) of this section together with a
			 response by the insurer to that letter.