Code of Maine Rules
02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION
031 - BUREAU OF INSURANCE
Chapter 235 - ANNUAL AUDITED FINANCIAL REPORTS
Section 031-235-9 - Notification of Adverse Financial Condition

A. The designated accountant shall make a written report to the Superintendent, to each member of the insurer's board of directors, and to the insurer's Audit Committee, within five business days after making any determination that the insurer has materially misstated its financial condition as reported to the Superintendent or that the insurer does not meet the minimum capital and surplus requirements of the Maine Insurance Code. An insurer that has received a report pursuant to this Subsection shall forward a copy of the report to the Superintendent within five business days after receiving the report, and shall provide the independent certified public accountant making the report with evidence that the report has been furnished to the Superintendent.

B. No independent public accountant shall be liable in any manner to any person for any statement made in good faith for the purpose of compliance with the requirements of this Section.

C. If the accountant, subsequent to the date of the audited financial report filed pursuant to this Rule, becomes aware of facts that might have affected his or her report, the accountant shall act in a manner consistent with applicable professional obligations, which at the time of adoption of this Rule include taking such action as prescribed in Volume 1, Section AU 561 of the Professional Standards of the American Institute of Certified Public Accountants.