New York Codes, Rules and Regulations
Title 11 - INSURANCE
Chapter IV - Financial Condition Of Insurer and Reports to Superintendent
Subchapter A - Rules of General Application
Part 89 - AUDITED FINANCIAL STATEMENTS
Section 89.4 - Designation of CPA

Universal Citation: 11 NY Comp Codes Rules and Regs ยง 89.4

Current through Register Vol. 46, No. 39, September 25, 2024

(a) Every company that files an annual audited financial report shall provide to the superintendent in writing the name, address, telephone number and email address of its CPA by March 1, 2010, and except as otherwise provided in this section, provide updated information within 60 days of any change in CPA thereafter.

(b) The company shall obtain a letter from the CPA, and file a copy with the superintendent, stating that the CPA is aware of the provisions of the insurance law and the regulations thereunder of the state of domicile that relate to accounting and financial matters and affirming that the CPA will express his or her opinion on the financial statements in terms of their conformity to the statutory accounting practices prescribed or otherwise permitted by that insurance department, specifying such exceptions as the CPA may believe appropriate.

(c) If the CPA is dismissed or resigns:

(1) The company shall submit notification to the superintendent within five business days of the event.

(2) The company shall submit a letter to the superintendent within 15 business days of the event stating whether there were any disagreements at the decision-making level with the former CPA within the previous two years (whether or not resolved to the CPA's satisfaction) on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure that might or could have been referenced in the CPA's opinion attached to the audited financial report and detailing with specificity the nature and extent of any such disagreements.

(3) The company shall submit, with the letter required by paragraph (2) of this subdivision, a letter from the former CPA to the superintendent stating whether the CPA agrees with the statements contained in the company's letter and, if not, stating the reasons for which the CPA does not agree.

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