N.J. Admin. Code § 11:2-26.11

Current through Register Vol. 56, No. 21, November 4, 2024

Section 11:2-26.11 - Communication of internal control related matters noted in an audit

(a) In addition to the annual audited financial report, each insurer shall file with the Commissioner a written communication as to any unremediated material weaknesses in its internal control over financial reporting noted during the audit. Such communication shall be prepared by the accountant within 60 days after the filing of the annual audited financial report, and shall contain a description of any unremediated material weakness (as that term is defined by the Statement on Auditing Standard 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 11:2-26.4 ) 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 communication.

Amended by R.1993 d.68, effective 2/1/1993.
See: 24 N.J.R. 1940(a), 24 N.J.R. 2708(a), 25 N.J.R. 588(a).
Rule on evaluation of accounting procedures and system of internal control deleted; new rule on report on significant deficiencies in internal controls added.
Amended by R.2010 d.026, effective 1/19/2010.
See: 41 N.J.R. 3364(a), 42 N.J.R. 486(b).
Section was "Report on significant deficiencies in internal controls". Rewrote (a) and (b); and deleted (c).