375.1047. Unremediated material weaknesses to be furnished to director, requirements--insurer to communicate remedial actions taken. - Missouri Statutes

Unremediated material weaknesses to be furnished to director,requirements--insurer to communicate remedial actions taken.

375.1047. 1. In addition to the annual audited financial report,each insurer shall furnish the director with a written communication as toany unremediated material weaknesses in its internal control over financialreporting noted during the audit. Such communication shall be prepared bythe accountant within sixty days after the filing of the annual auditedfinancial report and shall contain a description of any unremediatedmaterial weakness, as the term material weakness is defined by Statement onAuditing Standard 60, Communication of Internal Control Related MattersNoted in an Audit, or its replacement, as of December thirty-firstimmediately preceding in the insurer's internal control over financialreporting noted by the accountant during the course of their audit of thefinancial statements. If no unremediated material weaknesses were noted,the communication shall so state.

2. The insurer is required to provide a description of remedialactions taken or proposed to correct unremediated material weaknesses, ifthe actions are not described in the accountant's communication.

(L. 1991 H.B. 385, et al. § 11, A.L. 2009 H.B. 577)