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 89.8 - Notification of adverse financial condition

Universal Citation: 11 NY Comp Codes Rules and Regs ยง 89.8

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

(a) Every company required to furnish an annual audited financial report shall require the CPA to submit written notification to the superintendent, the board of directors and the company's audit committee within five business days of any determination by the CPA that the company has materially misstated its financial condition as reported to the superintendent as of the balance sheet date currently under audit or that the company does not meet the minimum capital or surplus requirement of the insurance law as of that date, including, for applicable MCOs, the contingent reserve requirement of 10 NYCRR section 98-1.11(e).

(b) A company shall require that if the CPA, subsequent to the date of the audited financial report filed pursuant to this Part, becomes aware of facts that might have affected the report, the CPA acts in accordance with professional obligations imposed by the AICPA and PCAOB.

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