Oklahoma § 36-311A.13 - Work papers - Availability for examiner review Copies

§ 36-311A.13. Work papers - Availability for examiner review Copies

A. Work papers are the records kept by the independent

certified public accountant of the procedures followed, the tests

performed, the information obtained, and the conclusions reached

pertinent to the audit by the accountant of the financial statements

of an insurer. Work papers, accordingly, may include audit planning

documentation, work programs, analyses, memoranda, letters of

confirmation and representation, abstracts of company documents, and

schedules or commentaries prepared or obtained by the independent

certified public accountant in the course of the audit of the

financial statements of an insurer and which support the opinion of

the accountant.

B. Every insurer required to file an audited financial report

pursuant to the Oklahoma Annual Financial Report Act, shall require

the accountant to make available for review by Insurance Department

examiners, all work papers prepared in the conduct of the audit by

the accountant and any communications related to the audit between

the accountant and the insurer, at the offices of the insurer, at

the offices of the Insurance Department, or at any other reasonable

place designated by the Insurance Commissioner. The insurer shall

require that the accountant retain the audit work papers and

communications until the Insurance Department has filed a report on

examination covering the period of the audit but no longer than

seven (7) years from the date of the audit report.

C. In the conduct of the aforementioned periodic review by the

Commissioner or Insurance Department examiners, it shall be agreed

that photocopies of pertinent audit work papers may be made and

retained by the Insurance Department. Such reviews by the

Commissioner or Insurance Department examiners shall be considered

investigations and all working papers, recorded information,

documents, copies thereof and communications obtained during the

course of such investigations shall be afforded the same

confidentiality as other examination work papers generated by the

Insurance Department pursuant to subsection F of Section 309.4 of

this title.

Added by Laws 2009, c. 176, § 15, eff. Nov. 1, 2009. Amended by

Laws 2010, c. 356, § 2, eff. Nov. 1, 2010.