Hawaii Administrative Rules
Section 16-17-10 - Notification of material misstatement of financial condition or adverse financial condition

Universal Citation: HI Admin Rules 16-17-10

Current through November, 2023

(a) A captive shall require its independent certified public accountant to immediately notify the captive's governing body or audit committee in writing of any determination by the independent certified public accountant that the captive has materially misstated its financial condition in the captive's annual report or is in adverse financial condition. The independent certified public accountant shall provide written notification of material misstatement of financial condition or adverse financial condition to the commissioner within five working days of providing notice to the captive. The captive manager shall provide a written remediation or corrective action plan to the commissioner within thirty days of the independent certified public accountant providing notice to the commissioner.

(b) As used in this section, "annual report" means the National Association of Insurance Commissioners" annual statement and the audited financial statement prepared by an independent certified public accountant for a captive and required to be filed with the commissioner pursuant to section 431:19-107, Hawaii Revised Statutes.

[Eff 5/13/91; am and comp 3/12/01] (Auth: HRS §§ 431:19-114, 431:19-115) (Imp: HRS §§ 431:19-107, 431:19-108, 431:19-115)

Am and comp 8/18/2016

Am and comp 8/17/2019

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