Oklahoma § 36-311A.12 - Accountant letter to insurer - Contents

§ 36-311A.12. Accountant letter to insurer - Contents

The accountant shall furnish the insurer in connection with, and

for inclusion in, the filing of the annual audited financial report,

a letter stating:

1. That the accountant is independent with respect to the

insurer and conforms to the standards of the profession as contained

in the Code of Professional Ethics and pronouncements of the

American Institute of Certified Public Accountants (AICPA) and the

Rules of Professional Conduct of the Oklahoma Board of Public

Accountancy, or similar code;

2. The background and experience in general, and the experience

in audits of insurers of the staff assigned to the engagement and

whether each is an independent certified public accountant. Nothing

within the Oklahoma Annual Financial Report Act shall be construed

as prohibiting the accountant from utilizing such staff as the

accountant deems appropriate where use is consistent with the

standards prescribed by generally accepted auditing standards;

3. That the accountant understands the annual audited financial

report and the opinion of the accountant thereon will be filed in

compliance with the Oklahoma Annual Financial Report Act and that

the Insurance Commissioner will be relying on this information in

the monitoring and regulation of the financial position of insurers;

4. That the accountant consents to the requirements of Section

311A.13 of this title and that the accountant consents and agrees to

make available for review by the Commissioner the work papers, as

defined in Section 311A.13 of this title;

5. A representation that the accountant is properly licensed by

an appropriate state licensing authority and is a member in good

standing in the AICPA; and

6. A representation that the accountant is in compliance with

the requirements of Section 311A.7 of this title.

Added by Laws 2009, c. 176, § 14, eff. Nov. 1, 2009. Amended by

Laws 2019, c. 28, § 6, eff. Nov. 1, 2019.

Oklahoma Statutes - Title 36. Insurance