Utah Administrative Code
Topic - Insurance
Title R590 - Administration
Rule R590-254 - Annual Financial Reporting Rule
Section R590-254-10 - Notification of Adverse Financial Condition
Current through Bulletin 2024-06, March 15, 2024
(1) 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 minimum capital and surplus requirement of Title 31A, Insurance Code, as of that date.
(2) No independent certified public accountant shall be liable in any manner to any person for any statement made in connection with Section R590-254-10 if the statement is made in good faith in compliance with Subsection (1).
(3) If the accountant, subsequent to the date of the audited financial report filed pursuant to this rule, becomes aware of facts that might have affected a report, the commissioner notes the obligation of the accountant to take such action as prescribed in Volume 1, Section AU 561 of the Professional Standards of the AICPA.