375.1040. Accountant's letter, contents. - Missouri Statutes

Accountant's letter, contents.

375.1040. The accountant shall furnish the insurer in connectionwith, and for inclusion in, the filing of the annual audited financialreport, a letter stating:

(1) Such accountant is independent with respect to the insurer andconforms to the standards of his or her profession as contained in the codeof professional ethics and pronouncements of the American Institute ofCertified Public Accountants, and the rules of professional conduct of theMissouri board of accountancy, or similar code;

(2) The background and experience in general, and the experience inaudits of insurers, of the staff assigned to audit the financial statementsof the insurer and whether each is an independent certified publicaccountant. Nothing within this requirement shall be construed asprohibiting the accountant from utilizing such staff as he or she deemsappropriate where use is consistent with the standards prescribed bygenerally accepted auditing standards;

(3) That the accountant understands the annual audited financialreport and his opinion thereon will be filed in compliance with sections375.1025 to 375.1062 and that the director will be relying on thisinformation in the monitoring and regulation of the financial position ofthe insurer;

(4) That the accountant consents to the requirements of section375.1050 and that the accountant consents and agrees to make available forreview by the director, the director's designee or appointed agent, theworkpapers, as defined in section 375.1050;

(5) That the accountant is properly licensed by an appropriate statelicensing authority and that the accountant is a member in good standing inthe American Institute of Certified Public Accountants;

(6) That the accountant is in compliance with the requirements ofsection 375.1037.

(L. 1991 H.B. 385, et al. § 8, A.L. 1992 H.B. 1574, A.L. 2009 H.B. 577)