Code of Massachusetts Regulations
211 CMR - DIVISION OF INSURANCE
Title 211 CMR 26.00 - Annual Financial Reporting For Years Ending 2010 And After
Section 26.12 - Communication of Internal Control Related Matters Noted in an Audit

Universal Citation: 211 MA Code of Regs 211.26
Current through Register 1531, September 27, 2024

In addition to the annual Audited financial report, each insurer shall furnish the Commissioner with a written communication as to any unremediated material weaknesses in its Internal controls over financial reporting noted during the audit. Such communication shall be prepared by the accountant within 60 days after the filing of the annual Audited financial report, and shall contain a description of any unremediated material weaknesses (as the term "material weakness" is defined by Statement on Auditing Standard 60, Communication of Internal Control Related Matters Noted in an Audit, or its replacement) as of December 31st immediately preceding (so as to coincide with the Audited financial report discussed in 211 CMR 26.05) in the insurer's Internal control over financial reporting noted by the accountant during the course of his or her audit of the financial statements. If no unremediated material weaknesses were noted, the communication should so state.

The insurer is required to provide a description of remedial actions taken or proposed to correct unremediated material weaknesses, if the actions are not described in the accountant's communication.

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