N.Y. Comp. Codes R. & Regs. tit. 11 § 89.9

Current through Register Vol. 46, No. 36, September 4, 2024

Section 89.9 - Communication of internal control related matters noted in an audit

(a) In addition to the annual audited financial report, every company shall obtain from its CPA a written communication stating whether or not the CPA has noted any unremediated material weaknesses in the company's internal control over financial reporting during the audit. The communication prepared by the CPA shall also contain a description of any unremediated material weakness as of December 31st of the immediately preceding year. The company shall submit the written communication to the superintendent as part of the filing of each annual audited financial report required to be filed with the superintendent as required by Insurance Law, section 307 or 10 NYCRR section 98-1.16(c).

(b) The company shall provide a description of remedial actions taken or proposed to correct unremediated material weaknesses, if the actions are not described in the CPA's communication.

(c) The company shall submit the written communication to the superintendent as part of the filing of each annual audited financial report filed with the superintendent, as required by Insurance Law, section 307(b) or 10 NYCRR 98-1.16(c).

N.Y. Comp. Codes R. & Regs. Tit. 11 § 89.9