Texas Insurance Code - Section 401.013. Accountant's Letter Of Qualifications
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§ 401.013. ACCOUNTANT'S LETTER OF QUALIFICATIONS. (a)
The audited financial report required under Section 401.004 must be
accompanied by a letter provided by the accountant who performed
the audit stating:
(1) the accountant's general background and
experience;
(2) the experience of each individual assigned to
prepare the audit in auditing insurers or health maintenance
organizations and whether the individual is an independent
certified public accountant; and
(3) that the accountant:
(A) is properly licensed by an appropriate state
licensing authority, is a member in good standing of the American
Institute of Certified Public Accountants, and is otherwise
qualified under Section 401.011;
(B) is independent from the insurer or health
maintenance organization and conforms to the standards of the
profession contained in the American Institute of Certified Public
Accountants Code of Professional Conduct, the statements of that
institute, and the rules of professional conduct adopted by the
Texas State Board of Public Accountancy, or a similar code;
(C) understands that:
(i) the audited financial report and the
accountant's opinion on the report will be filed in compliance with
this subchapter; and
(ii) the commissioner will rely on the
report and opinion in monitoring and regulating the insurer's or
health maintenance organization's financial position; and
(D) consents to the requirements of Section
401.020 and agrees to make the accountant's work papers available
for review by the department or the department's designee.
(b) Subsection (a)(2) does not prohibit an accountant from
using any staff the accountant considers appropriate if use of that
staff is consistent with generally accepted auditing standards.
Added by Acts 2005, 79th Leg., ch. 727, § 1, eff. April 1, 2007.
Section: 401.006 401.007 401.008 401.009 401.010 401.011 401.012 401.013 401.014 401.015 401.016 401.017 401.018 401.019 401.020
Last modified: August 11, 2007
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