Idaho Administrative Code
Title IDAPA 18 - Insurance, Department of
Rule 18.06.05 - MANAGING GENERAL AGENTS
Section 18.06.05.014 - INDEPENDENT AUDIT OR EXAMINATION
Universal Citation: ID Admin Code 18.06.05.014
Current through August 31, 2023
01. Annual Independent Audit of MGA. An independent audit by a certified public accountant is conducted annually for MGAs currently under contract, and is to be contracted for by the insurer. The independent audit will include the following: (3-31-22)
a. Report of independent
certified public accountant; (3-31-22)
b. Balance sheet; (3-31-22)
c. Statement of income; (3-31-22)
d. Statement of cash flow;
(3-31-22)
e. Statement of income
and retained earnings; (3-31-22)
f.
Notes on financial statements - these notes are those prescribed by General
Accepted Accounting Principals; and (3-31-22)
g. A copy of a management letter or a
narrative statement setting forth what would have been the content of the
management letter had such letter been completed. (3-31-22)
02. Examination of MGA. The Department retains authority to examine an MGA notwithstanding the termination of the MGA's contractual authority. Pursuant to the provisions of Title 41, Chapter 2, Idaho Code, the expense of such examination is to be reimbursed to the Department by the insurer employing the MGA. (3-31-22)
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