§ 58‑10‑250. Conduct of insurer in connection with the preparation of required reports anddocuments.
(a) No director orofficer of an insurer shall, directly or indirectly, do any of the following:
(1) Make or cause to bemade a materially false or misleading statement to an accountant in connectionwith any audit, review, or communication required under this Part.
(2) Omit to state, orcause another person to omit to state, any material fact necessary in order tomake statements made, in light of the circumstances under which the statementswere made, not misleading to an accountant in connection with any audit,review, or communication required under this Part.
(b) No officer ordirector of an insurer, or any other person acting under the direction thereof,shall directly or indirectly take any action to coerce, manipulate, mislead, orfraudulently influence any accountant engaged in the performance of an auditpursuant to this Part if that person knew or should have known that the action,if successful, could result in rendering the insurer's financial statementsmaterially misleading.
(c) For purposes ofsubsection (b) of this section, actions that, "if successful, could resultin rendering the insurer's financial statements materially misleading"include, but are not limited to, actions taken at anytime with respect to theprofessional engagement period to coerce, manipulate, mislead, or fraudulentlyinfluence an accountant to do any of the following:
(1) Issue or reissue areport on an insurer's financial statements that is not warranted in thecircumstances, due to material violations of statutory accounting principlesprescribed by the Commissioner, generally accepted auditing standards, or otherprofessional or regulatory standards.
(2) Not perform audit,review, or other procedures required by generally accepted auditing standardsor other professional standards.
(3) Not withdraw anissued report.
(4) Not communicatematters to an insurer's audit committee. (2009‑384, s. 1.)
§ 58‑10‑250. Conduct of insurer in connection with the preparation of required reports anddocuments.
(a) No director orofficer of an insurer shall, directly or indirectly, do any of the following:
(1) Make or cause to bemade a materially false or misleading statement to an accountant in connectionwith any audit, review, or communication required under this Part.
(2) Omit to state, orcause another person to omit to state, any material fact necessary in order tomake statements made, in light of the circumstances under which the statementswere made, not misleading to an accountant in connection with any audit,review, or communication required under this Part.
(b) No officer ordirector of an insurer, or any other person acting under the direction thereof,shall directly or indirectly take any action to coerce, manipulate, mislead, orfraudulently influence any accountant engaged in the performance of an auditpursuant to this Part if that person knew or should have known that the action,if successful, could result in rendering the insurer's financial statementsmaterially misleading.
(c) For purposes ofsubsection (b) of this section, actions that, "if successful, could resultin rendering the insurer's financial statements materially misleading"include, but are not limited to, actions taken at anytime with respect to theprofessional engagement period to coerce, manipulate, mislead, or fraudulentlyinfluence an accountant to do any of the following:
(1) Issue or reissue areport on an insurer's financial statements that is not warranted in thecircumstances, due to material violations of statutory accounting principlesprescribed by the Commissioner, generally accepted auditing standards, or otherprofessional or regulatory standards.
(2) Not perform audit,review, or other procedures required by generally accepted auditing standardsor other professional standards.
(3) Not withdraw anissued report.
(4) Not communicatematters to an insurer's audit committee. (2009‑384, s. 1.)
§ 58‑10‑250. Conduct of insurer in connection with the preparation of required reports anddocuments.
(a) No director orofficer of an insurer shall, directly or indirectly, do any of the following:
(1) Make or cause to bemade a materially false or misleading statement to an accountant in connectionwith any audit, review, or communication required under this Part.
(2) Omit to state, orcause another person to omit to state, any material fact necessary in order tomake statements made, in light of the circumstances under which the statementswere made, not misleading to an accountant in connection with any audit,review, or communication required under this Part.
(b) No officer ordirector of an insurer, or any other person acting under the direction thereof,shall directly or indirectly take any action to coerce, manipulate, mislead, orfraudulently influence any accountant engaged in the performance of an auditpursuant to this Part if that person knew or should have known that the action,if successful, could result in rendering the insurer's financial statementsmaterially misleading.
(c) For purposes ofsubsection (b) of this section, actions that, "if successful, could resultin rendering the insurer's financial statements materially misleading"include, but are not limited to, actions taken at anytime with respect to theprofessional engagement period to coerce, manipulate, mislead, or fraudulentlyinfluence an accountant to do any of the following:
(1) Issue or reissue areport on an insurer's financial statements that is not warranted in thecircumstances, due to material violations of statutory accounting principlesprescribed by the Commissioner, generally accepted auditing standards, or otherprofessional or regulatory standards.
(2) Not perform audit,review, or other procedures required by generally accepted auditing standardsor other professional standards.
(3) Not withdraw anissued report.
(4) Not communicatematters to an insurer's audit committee. (2009‑384, s. 1.)
