Oklahoma § 36-311A.10 - Reporting of determinations that insurer has

§ 36-311A.10. Reporting of determinations that insurer has

materially misstated its financial condition - Liability Subsequent awareness.

A. The insurer required to furnish the annual audited financial

report shall require the independent certified public accountant to

report, in writing, within five (5) business days to the board of

directors or its audit committee any determination by the

independent certified public accountant that the insurer has

materially misstated its financial condition as reported to the

Insurance Commissioner as of the balance sheet date currently under

audit or that the insurer does not meet the minimum capital and

surplus requirement of the Oklahoma Insurance Code as of that date.

An insurer that has received a report pursuant to this subsection

shall forward a copy of the report to the Commissioner within five

(5) business days of receipt of the report and shall provide the

independent certified public accountant making the report with

evidence of the report being furnished to the Commissioner. If the

independent certified public accountant fails to receive the

evidence within the required five-business-day period, the

independent certified public accountant shall furnish to the

Commissioner a copy of its report within the next five (5) business

days.

B. No independent certified public accountant shall be liable

in any manner to any person for any statement made in connection

with subsection A of this section if the statement is made in good

faith in compliance with that subsection.

C. If the accountant, subsequent to the date of the audited

financial report filed pursuant to the Oklahoma Annual Financial

Report Act, becomes aware of facts that might have affected the

report of the accountant, the accountant shall comply with the

action or actions prescribed in Volume 1, Section AU 561 of the

Professional Standards of the AICPA.

Added by Laws 2009, c. 176, § 12, eff. Nov. 1, 2009.