§33-33-10. Communication of internal control related matters noted
in an audit.
(a) In addition to the annual audited financial report, each
insurer shall furnish the commissioner with a written communication
as to any unremediated material weaknesses in its internal control
over financial reporting noted by the accountant during the audit.
Such communication shall be prepared by the accountant within sixty
days after the filing of the annual audited financial report, and
shall contain a description of any unremediated material weakness,
as the term material weakness is defined by Statement on Auditing
Standards (SAS) No. 60, "Communication of Internal Control Related
Matters Noted in an Audit" or its replacement, as of December 31
immediately preceding, so as to coincide with the audited financial
report discussed in subsection (a), section three of this article,
in the insurer's internal control over financial reporting noted by
the accountant during the course of their audit of the financial
statements. If no unremediated material weaknesses were noted, the
communication should so state.
(b) The insurer is required to provide a description of
remedial actions taken or proposed to correct unremediated material
weaknesses, if the actions are not described in the accountant's