Section 140. Availability and maintenance of independent certified public accountant workpapers

Every insurer required to file the Audited Financial Report described in this chapter shall require the accountant to make available for review by the commission's examiners, all workpapers prepared in the conduct of the accountant's audit and any communications related to the audit between the accountant and the insurer, at the offices of the insurer, at the commission or at any other reasonable place designated by the commission. The insurer shall require that the accountant retain the workpapers and communications until the commission has filed a Report on Examination covering the period of the audit, but no longer than seven years from the date of the audit report.

In the conduct of the aforementioned periodic review by the commission's examiners, it shall be agreed that photocopies of pertinent workpapers may be made and retained by the commission. Reviews by the commission's examiners shall be considered investigations and all workpapers and communications obtained during the course of investigations shall be confidential.

Historical Notes

Derived from Regulation 39, Case No. INS910072, § 15, eff. September 1, 1991; amended, Volume 24, Issue 12, eff. January 1, 2010.

Statutory Authority

§§ 12.1-13 and 38.2-223 of the Code of Virginia.