Code of Massachusetts Regulations
211 CMR - DIVISION OF INSURANCE
Title 211 CMR 26.00 - Annual Financial Reporting For Years Ending 2010 And After
Section 26.11 - Notification of Adverse Financial Condition

The insurer required to furnish the annual Audited financial report shall require the independent certified public accountant to report, in writing, within five business days, to the board of directors or its Audit committee any determination by the independent certified public accountant that the insurer has materially misstated its financial condition as reported to the Commissioner as of the balance sheet date currently under audit or that the insurer does not meet the Massachusetts minimum capital and surplus requirement as of that date. An insurer who has received a report pursuant to this paragraph shall forward a copy of the report to the Commissioner within five business days of receipt of the report and shall provide the independent certified public accountant making the report with evidence of the report's being furnished to the Commissioner. If the independent certified public accountant fails to receive the evidence within the required five business day period, the independent certified public accountant shall furnish to the Commissioner a copy of its report within the next five business days.

No independent certified public accountant shall be liable in any manner to any person for any statement made in connection with the above paragraph if the statement is made in good faith in compliance with 211 CMR 26.11.

If the accountant, subsequent to the date of the Audited financial report filed pursuant to 211 CMR 26.00, becomes aware of facts that might have affected his or her report, the Division notes the obligation of the accountant to take such action as prescribed in the Professional Standards of the AICPA Volume 1, § AU 561.