Section 760IAC1-78-10. Communication of internal control related matters noted in an audit

   (a) In addition to the annual audited financial report required by section 3 of this rule, each insurer shall furnish the commissioner with a written communication as to any unremediated material weaknesses in its internal control over financial reporting noted during the audit. The communication shall:

(1) be prepared by the accountant within sixty (60) days after the filing of the annual audited financial report; and

(2) contain a description of any unremediated material weakness (as the term material weakness is defined by Statement on Auditing Standard 112, Communication of Internal Control Related Matters Noted in an Audit, or its replacement) as of December 31 of the year immediately preceding. If no unremediated material weaknesses were noted, the communication should so state.

  (b) The insurer shall provide a description of remedial actions taken or proposed to correct unremediated material weaknesses, if the actions are not described in the accountant's communication. (Department of Insurance; 760 IAC 1-78-10; filed Oct 27, 2009, 2:52 p.m.: 20091125-IR-760090376FRA; readopted filed Nov 20, 2015, 9:25 a.m.: 20151216-IR-760150341RFA)