State Codes and Statutes
Statutes > Missouri > T24 > C375 > 375_1035Accountant, name and address to be registered--letter, filed withdirector, contents--change of accountant, notice to director.
375.1035. 1. Each insurer required by sections 375.1025 to 375.1062to file an annual audited financial report shall, within sixty days afterbecoming subject to such requirement, register with the director in writingthe name and address of its independent certified public accountant oraccounting firm retained to conduct the annual audit set forth in sections375.1025 to 375.1062. Any insurer not retaining an independent certifiedpublic accountant on the effective date of sections 375.1025 to 375.1062shall register the name and address of its retained independent certifiedpublic accountant not less than six months before the date when the firstaudited financial report is to be filed.
2. The insurer shall obtain a letter from such accountant, and file acopy with the director stating that the accountant is aware of theprovisions of the insurance laws and the rules and regulations of thedepartment of insurance of the state of domicile that relate to accountingand financial matters and affirming that the accountant will express his orher opinion on the financial statements in terms of their conformity to thestatutory accounting practices prescribed or otherwise permitted by thatdepartment of insurance, specifying such exceptions as he or she maybelieve appropriate.
3. If an accountant who was the accountant for the immediatelypreceding filed audited financial report is dismissed or resigns, theinsurer shall within five business days notify the director of this event.The insurer shall also furnish the director with a separate letter withinten business days of the notification stating whether in the twenty-fourmonths preceding such event there were any disagreements with the formeraccountant on any matter of accounting principles or practices, financialstatement disclosure, or auditing scope or procedure, which disagreements,if not resolved to the satisfaction of the former accountant, would havecaused him or her to make reference to the subject matter of thedisagreement in connection with his or her opinion. Disagreements requiredto be reported by this section include both disagreements resolved to theformer accountant's satisfaction, and disagreements not resolved to theformer accountant's satisfaction. Disagreements contemplated by thissection are those that occur at the decision-making level, betweenpersonnel of the insurer responsible for the presentation of its financialstatements and personnel of the accounting firm responsible for renderingits report. The insurer shall also in writing request such formeraccountant to furnish a letter addressed to the insurer stating whether theaccountant agrees with the statements contained in the insurer's letterand, if not, stating the reasons for which he does not agree, and theinsurer shall furnish such responsive letter from the former accountant tothe director together with its own.
(L. 1991 H.B. 385, et al. § 6, A.L. 1993 H.B. 709, A.L. 2009 H.B. 577)
