375.1050. Workpapers, defined--availability to insurance examiners--confidentiality of.

MISSOURI STATUTES AND CODES

375.1050. Workpapers, defined--availability to insurance examiners--confidentiality of.

Workpapers, defined--availability to insuranceexaminers--confidentiality of.

375.1050. 1. As used in this section, "workpapers" are the recordskept by the independent certified public accountant of the proceduresfollowed, the tests performed, the information obtained and the conclusionsreached pertinent to such accountant's audit of the financial statements ofan insurer. Workpapers may include audit planning documentation, workprograms, analyses, memoranda, letters of confirmation and representation,abstracts of company documents, and schedules or commentaries prepared orobtained by the independent certified public accountant in the course ofsuch accountant's audit of the financial statements of an insurer and whichsupport such accountant's opinion.

2. Every insurer required to file an audited financial reportpursuant to sections 375.1025 to 375.1062 shall require the accountant tomake available for review by the examiners of the department of insurance,financial institutions and professional registration all workpapersprepared in the conduct of the accountant's audit and any communicationsrelated to the audit between the accountant and the insurer, at the officesof the insurer, at the department of insurance, financial institutions andprofessional registration or at any other reasonable place designated bythe director. The insurer shall require that the accountant retain theaudit workpapers and communications until the department has filed a reporton examination covering the period of the audit, but no longer than sevenyears from the date of the audit report.

3. In the conduct of any examination or review by the departmentexaminers, it shall be agreed that photocopies of pertinent auditworkpapers may be made and retained by the department. Such reviews by thedepartment examiners shall be considered investigations and all workingpapers and communications obtained during the course of such investigationsshall be afforded the same confidentiality as other examination workpapersgenerated by the department.