§ 26-3-305 — Designation of independent certified public accountant

Wyoming § 26-3-305

• Jurisdiction: Wyoming
• Title 26: Insurance Code
• Ch. 3: AUTHORIZATION OF INSURERS AND

Text

(a) Each insurer required by this article to file an
annual audited financial report shall within sixty (60) days
after becoming subject to the requirement, register with the
commissioner in writing the name and address of the independent
certified public accountant or accounting firm retained to
conduct the annual audit. Insurers not retaining an independent
certified public accountant on or before April 1, 1994 shall
register the name and address of their retained independent
certified public accountant not less than six (6) months before
the date when the first audited financial report is to be filed.
(b) The insurer shall obtain a letter from the accountant,
and file a copy with the commissioner stating that the
accountant is aware of the provisions of the insurance code and
the rules and regulations of the insurance department of the
state of domicile that relate to accounting and financial
matters and affirming that he will express his opinion on the
financial statements in terms of their conformity to the
statutory accounting practices prescribed or otherwise permitted
by that department, specifying the exceptions he believes
appropriate.
(c) If an accountant who was the accountant for the
immediately preceding filed audited financial report is
dismissed or resigns, the insurer shall within five (5) business
days notify the department of this event. The insurer shall
also furnish the commissioner with a separate letter within ten
(10) business days of the above notification stating whether in
the twenty-four (24) months preceding the dismissal or
resignation there were any disagreements with the former
accountant on any matter of accounting principles or practices,
financial statement disclosure, or auditing scope or procedure
which, if not resolved to the satisfaction of the former
accountant would have caused him to make reference to the
subject matter of the disagreement in connection with his
opinion. The disagreements required to be reported under this
subsection include both those resolved to the former
accountant's satisfaction and those not resolved to the former
accountant's satisfaction. Disagreements required to be
reported under this subsection are those which occur at the
decision-making level, between personnel of the insurer
responsible for presentation of its financial statements and
personnel of the accounting firm responsible for rendering its
report. The insurer shall also in writing request and the
former accountant shall furnish a letter addressed to the
department with a copy to the insurer stating whether the
accountant agrees with the statements contained in the insurer's
letter and, if not, stating the reasons for which he does not
agree.