Section 0780-01-65-.14 - AVAILABILITY AND MAINTENANCE OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS WORKPAPERS(1) Workpapers are the records kept by the independent certified public accountant of the procedures followed, the tests performed, the information obtained, and the conclusions reached pertinent to the accountant's audit of the financial statements of an insurer. Workpapers, accordingly, may include audit planning documentation, work programs, analyses, memoranda, letters of confirmation and representation, abstracts of company documents and schedules or commentaries prepared or obtained by the independent certified public accountant in the course of his or her audit of the financial statements of an insurer and which support the accountant's opinion.(2) Every insurer required to file an audited financial report pursuant to this Chapter, shall require the accountant to make available for review by department 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 offices of the department or at any other reasonable place designated by the commissioner. The insurer shall require that the accountant retain the audit workpapers and communications until the department has filed a report on examination covering the period of the audit but no longer than seven (7) years from the date of the audit report.(3) In the conduct of the aforementioned periodic review by the department examiners, it shall be agreed that photocopies of pertinent audit workpapers may be made and retained by the department. Such reviews by the department examiners shall be considered investigations and all working papers and communications obtained during the course of such investigations shall be afforded the same confidentiality as other examination workpapers generated by the department as provided for under Tenn. Code Ann. § 56-1-411 and other statutory provisions.Tenn. Comp. R. & Regs. 0780-01-65-.14
Original rule filed October 5, 1995; effective December 19, 1995. Amendment filed August 6, 2009; effective November 4, 2009.Authority: T.C.A. §§ 56-1-411, 56-1-501(h), 56-2-301, 56-11-108, 56-11-109 and 56-46-109.