Texas Insurance Code - Section 401.015. Resignation Or Dismissal Of Accountant; Statement Concerning Disagreements
Legal Research Home >
Texas Lawyer > Insurance Code > Texas Insurance Code - Section 401.015. Resignation Or Dismissal Of Accountant; Statement Concerning Disagreements
§ 401.015. RESIGNATION OR DISMISSAL OF ACCOUNTANT;
STATEMENT CONCERNING DISAGREEMENTS. (a) If an accountant who
signed an audited financial report for an insurer or health
maintenance organization resigns as accountant for the insurer or
health maintenance organization or is dismissed by the insurer or
health maintenance organization after the report is filed, the
insurer or health maintenance organization shall notify the
department not later than the fifth business day after the date of
the resignation or dismissal.
(b) Not later than the 10th business day after the date the
insurer or health maintenance organization notifies the department
under Subsection (a), the insurer or health maintenance
organization shall file a written statement with the commissioner
advising the commissioner of any disagreements between the
accountant and the insurer's or health maintenance organization's
personnel responsible for presenting the insurer's or health
maintenance organization's financial statements that:
(1) relate to accounting principles or practices,
financial statement disclosure, or auditing scope or procedures;
(2) occurred during the 24 months preceding the date
of the resignation or dismissal; and
(3) would have caused the accountant to note the
disagreement in connection with the audited financial report if the
disagreement were not resolved to the satisfaction of the
accountant.
(c) The statement required by Subsection (b) must include a
description of disagreements that were resolved to the accountant's
satisfaction and those that were not resolved to the accountant's
satisfaction.
(d) The insurer or health maintenance organization shall
file with the statement required by Subsection (b) a letter signed
by the accountant stating whether the accountant agrees with the
insurer's or health maintenance organization's statement and, if
not, the reasons why the accountant does not agree. If the
accountant fails to provide the letter, the insurer or health
maintenance organization shall file with the commissioner a copy of
a written request to the accountant for the letter.
Added by Acts 2005, 79th Leg., ch. 727, § 1, eff. April 1, 2007.
Section: 401.008 401.009 401.010 401.011 401.012 401.013 401.014 401.015 401.016 401.017 401.018 401.019 401.020 401.021 401.051
Last modified: August 11, 2007
|
