Md. Code Regs. 31.05.11.12

Current through Register Vol. 51, No. 24, December 2, 2024
Section 31.05.11.12 - Definition, Availability, and Maintenance of Independent Certified Public Accountant's Workpapers
A. An insurer required to file an audited financial report pursuant to this chapter shall require the accountant to make available for review by the Maryland Insurance Administration 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 Maryland Insurance Administration, or at any other reasonable place designated by the Commissioner.
B. The insurer shall require that the accountant retain the audit workpapers and communications until the Maryland Insurance Administration has filed a report on examination covering the period of the audit but not longer than 7 years from the date of the audit report.
C. In the conduct of the periodic review described in §A of this regulation, the Maryland Insurance Administration may make and retain photocopies of pertinent audit workpapers.
D. The reviews described in §A of this regulation, shall be considered investigations and all working papers and communications obtained during the course of the investigations shall be afforded the same confidentiality as other examination workpapers generated by the Maryland Insurance Administration.

Md. Code Regs. 31.05.11.12