1. Except as otherwise provided in subsection 2, the Commissioner will recognize an independent certified public accountant as a qualified independent certified public accountant if the independent certified public accountant conforms to the standards contained in the Code of Professional Conduct of the American Institute of Certified Public Accountants, and the Rules of Professional Conduct adopted by reference in NAC 628.500 and the regulations of the Nevada State Board of Accountancy, or other similar code.
2. The Commissioner will not recognize as a qualified independent certified public accountant an independent certified public accountant who:
(a) Is not in good standing with the American Institute of Certified Public Accountants and in all states in which the independent certified public accountant is licensed or certified to practice;
(b) Has either directly or indirectly entered into an agreement of indemnity or release from liability with respect to an audit of a captive insurer if the intent or effect of the agreement or release is to shift or limit in any manner the potential liability of the accountant for failure to adhere to applicable auditing or professional standards, whether or not resulting in part from a knowing or other misrepresentation made by the captive insurer or its representatives;
(c) Has been convicted of fraud, bribery, a violation of the Racketeer Influenced and Corrupt Organizations Act, 18 U.S.C. §§
1961 to 1968, inclusive, or any other dishonest conduct or practices under federal or state law;
(d) Has been found to have violated any provision of title 57 of NRS, or any regulation adopted pursuant thereto, with respect to any previous annual audited financial report submitted pursuant to NRS 694C.400 and NAC 694C.200 and 694C.210; or
(e) Has demonstrated a pattern or practice of failing to detect or disclose material information in previous annual audited financial reports filed pursuant to NRS 694C.400 and NAC 694C.200 and 694C.210.
Added to NAC by Comm'r of Insurance by R064-06, eff. 9-18-2006
