Illinois Administrative Code
Title 50 - INSURANCE
Part 925 - ANNUAL FINANCIAL REPORTING
Section 925.90 - Scope of Audit and Report of Independent Certified Public Accountant
Current through Register Vol. 48, No. 12, March 22, 2024
a) Financial
statements furnished pursuant to Section
925.50
of this Part shall be examined by an independent certified public accountant.
The audit of the insurer's financial statements shall be conducted in
accordance with generally accepted auditing standards. In accordance with AU-C
Section 315, Understanding the Entity and Its Environment and Assessing the
Risks of Material Misstatement, and AU Section 330, Performing Audit Procedures
in Response to Assessed Risks and Evaluating the Audit Evidence Obtained, AICPA
Professional Standards (as of June 1, 2014 (no later amendments or editions),
by American Institute of Certified Public Accountants, Inc., 1211 Avenue of the
Americas, New York NY 10036-8775; website
b) Property and casualty insurers shall require the independent certified public accountant to subject the current Schedule P - Part 1 (excluding those amounts related to bulk and incurred but not reported reserves and claims counts) to the auditing procedures applied in the audit of the current statutory financial statements to determine whether Schedule P - Part 1 is fairly stated in all material respects in relation to the basic statutory financial statements taken as a whole. It is expected that the auditing procedures applied by the independent certified public accountant to the claim loss and loss adjustment expense data from which Schedule P - Part 1 is prepared would be applied to activity that occurred in the current calendar year (e.g., tests of payments on claims for all accident years that were paid during the current calendar year).
c) Life, accident, and health insurers shall require the independent certified public accountant to subject the information included in the Supplemental Schedule of Assets and Liabilities and exhibits of the Schedule to the auditing procedure applied in the audit of the current statutory financial statements to determine whether the information is fairly stated in all material respects in relation to the basic statutory financial statements taken as a whole and agrees to the insurer's annual statement filed with the Department.