Or. Admin. Code § 410-141-5030
Current through Register Vol. 64, No. 1, January 1, 2025
Section 410-141-5030 - FINANCIAL SOLVENCY REGULATION: Notification of Adverse Financial Condition(1) A CCO required to furnish an annual audited financial report shall require the independent certified public accountant to report in writing to the CCO's Board, or to the audit committee of the CCO, any determination by the independent certified public accountant that: (a) The CCO has materially misstated its financial condition as reported to the Authority as of the date of the balance sheet currently under audit;(b) The CCO does not meet the minimum capital and surplus requirements under these rules; or(c) The CCO's risk-based capital, as determined in accordance with OAR 410-141-5195 to 5220 is below the Company Action Level threshold for the CCO.(2) The CCO shall require the independent certified public accountant to submit the report no later than the fifth business day after the independent certified public accountant makes such a determination under subsection (1). A CCO that has received a report under this section shall both forward a copy of the report to the Authority and provide the independent certified public accountant with evidence that the report was furnished to the Authority no later than the fifth business day after receiving the report. If the independent certified public accountant does not receive such evidence within the required period, the independent certified public accountant shall furnish to the Authority a copy of its report no later than the fifth business day after the end of the period within which the CCO was required to submit the report.(3) An independent certified public accountant shall not be liable to any person for any statement made in connection with the requirements of subsection (1) if the statement is made in good faith and in compliance with subsection (1).(4) If the accountant, after the date of the audited financial report filed pursuant to OAR 410-141-5020, becomes aware of facts that might have affected the report, the Authority notes the obligation of the accountant to act as prescribed in Volume 1, Section AU 561 of the Professional Standards of the AICPA.Or. Admin. Code § 410-141-5030
DMAP 58-2019, adopt filed 12/18/2019, effective 1/1/2020; DMAP 143-2024, amend filed 12/29/2024, effective 1/1/2025Statutory/Other Authority: ORS 413.042, 414.572, 414.591 & 414.605
Statutes/Other Implemented: ORS 414.570-414.686 & 415.001-415.430