Code of Maine Rules
02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION
031 - BUREAU OF INSURANCE
Chapter 235 - ANNUAL AUDITED FINANCIAL REPORTS
Section 031-235-11 - Accountant's Letter of Qualifications

A. That the accountant is independent with respect to the insurer and conforms to the standards of his or her profession as contained in the Code of Professional Ethics and pronouncements of the American Institute of Certified Public Accountants and the rules of professional conduct of the Maine Board of Accountancy, or similar code;

B. The background and experience in general, and the experience in audits of insurers of the staff assigned to the engagement and whether each is an independent certified public accountant. Nothing within this Rule shall be construed as prohibiting the accountant from utilizing such staff as he or she deems appropriate where use is consistent with the standards prescribed by generally accepted auditing standards;

C. That the accountant understands that the annual audited financial report and his opinion thereon must be filed in compliance with this Rule, and that the Superintendent will be relying on this information in the monitoring and regulation of the financial position of insurers;

D. That the accountant consents and agrees to retain and to make available for review by the Superintendent, or the Superintendent's designee or appointed agent, all work papers and other audit documents, as required pursuant to 24 M.R.S.A. §2307(3), 24-A M.R.S.A. §414(5)24-A or M.R.S.A. §4233(2), as applicable;

E. That the accountant is properly licensed by an appropriate state licensing authority and is a member in good standing in the American Institute of Certified Public Accountants; and

F. That the accountant is in compliance with the requirements of Section 6 of this Rule.