Alaska Administrative Code
Title 3 - Commerce, Community, and Economic Development
Part 2 - Division of Insurance
Chapter 21 - Insurer - Financial
Article 7 - Financial Examination of and Annual Audit Reporting Requirements for Admitted Insurers
3 AAC 21.745 - Accountant's letter of qualifications

Universal Citation: 3 AK Admin Code 21.745

Current through February 24, 2025

The independent certified public accountant shall furnish to the insurer for submission with 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 accountant's profession as contained in

(A) the Code of Professional Conduct and pronouncements of the American Institute of Certified Public Accountants; and

(B) rules of professional conduct adopted by the board of public accountancy of the state in which the certified public accountant is licensed;

(2) the background and experience in general, and the experience in audits of insurers, of the staff assigned to the engagement and whether each staff member is an independent certified public accountant;

(3) that the accountant understands that the

(A) annual audited financial report and opinion with respect to that report are in compliance with the laws of this state; and

(B) director will be relying on the report and opinion in monitoring and regulating the financial position of the insurer;

(4) that the accountant

(A) consents to the requirements of 3 AAC 21.750 regarding audit work papers; and

(B) agrees to make available for review by the director or the director's designee the work papers under 3 AAC 21.750;

(5) that the accountant

(A) holds the proper professional license by an appropriate state licensing authority; and

(B) is a member in good standing in the American Institute of Certified Public Accountants; and

(6) that the accountant meets the qualifications and requirements of 3 AAC 21.720.

The Code of Professional Conduct and pronouncements of the American Institute of Certified Public Accountants may be obtained from the American Institute of Certified Public Accountants' website at http://www.aicpa.org.

Authority:AS 21.06.060

AS 21.06.090

AS 21.09.200

Disclaimer: These regulations may not be the most recent version. Alaska may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
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