N.M. Admin. Code § 13.2.5.21
Current through Register Vol. 35, No. 24, December 23, 2024
Section 13.2.5.21 - REPORT OF ADVERSE FINANCIAL CONDITIONA. An insurer shall require its ICPA to report, in writing, within five business days to the board of directors or its audit committee any determination by the ICPA that the insurer has materially misstated its financial condition as reported to the superintendent as of the balance sheet date currently under examination or that the insurer does not meet the minimum capital and surplus requirements of the New Mexico Insurance Code as of that date.B. An insurer who has received a report of adverse financial condition shall forward a copy of the report to the superintendent within five business days of receiving it and shall furnish to the ICPA evidence that the report of adverse financial condition was forwarded to the superintendent.C. If the ICPA fails to receive such evidence within the required five business day period, the independent certified public accountant shall furnish to the superintendent a copy of its report of adverse financial condition within the next five business days.D. No ICPA shall be liable in any manner to any person for any statement made in connection with this section if such statement is made in good faith compliance with this section.E. If the ICPA, subsequent to the date of the audited financial report filed pursuant to this rule, becomes aware of facts which might have affected that report, then the ICPA has the obligation to take such action as prescribed in Volume 1, Section AU 561 of the Professional Standards of the AICPA. N.M. Admin. Code § 13.2.5.21
1/1/94; 13.2.5.21 NMAC - Rn, 13 NMAC 2.5.20 & A, 1/1/2010, Amended by New Mexico Register, Volume XXXI, Issue 18, September 29, 2020, eff. 10/1/2020