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 21.750 - Work papers

Universal Citation: 3 AK Admin Code 21.750

Current through February 24, 2025

(a) An insurer required to file an annual audited financial report under AS 21.09.200(g) shall require the accountant to make available for review by division examiners all work papers prepared in the conduct of the accountant's audit and all communications related to the audit between the accountant and the insurer at the offices of the insurer, at the division, or at any other reasonable place designated by the director. The insurer shall require that the accountant retain the audit work papers and communications until the division has filed a report on examination covering the period of the audit but no longer than seven years after the filing date of the annual audited financial report.

(b) In a review by division examiners in the course of a division examination, the division may make and retain photocopies of audit work papers. Work papers and communications obtained during the course of an examination will be considered examination work papers of the division under AS 21.06.150.

(1) means 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 accountant's audit of the financial statements of an insurer; and

(2) includes audit planning documentation, work programs, analysis, 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 that support the accountant's opinion.

Authority:AS 21.06.060

AS 21.06.090

AS 21.06.150

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.

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.