Michigan Compiled Laws 218-1956-10 Chapter 10 Annual Audited Financial Reports (500.1001...500.1033)

• Section 500.1001 Definitions.
  As used in this chapter: (a) "Audited financial report" means the report required in section 1005 and furnished pursuant to section 1007. (b) "Audit...
• Section 500.1003 Nonapplicability Of Chapter.
  (1) This chapter does not apply to any of the following: (a) Insurers having direct premiums written in this state of less than $1,000,000.00...
• Section 500.1005 Insurer; Annual Audit; Filing Date; Extensions; Designation Of Audit Committee.
  (1) Each insurer authorized to do business in this state shall have an annual audit by an independent public accountant and shall file an...
• Section 500.1007 Annual Audited Financial Report; Contents; Form; Conduct Of Examination By Independent Public Accountant.
  (1) The annual audited financial report shall report the insurer's financial condition as of the end of the most recent calendar year and the...
• Section 500.1009 Insurer Required To File Annual Audited Report; Registration Of Insurer's Independent Public Accountant; Letter Required; Dismissal Or Resignation Of Independent Public Accountant; Notice; Report Of Disagreement; Responsive Letter.
  (1) Each insurer required by this chapter to file an annual audited financial report shall register with the commissioner in writing, within 60 days...
• Section 500.1010 Recognition Of Person Or Firm As Independent Public Accountant; Mediation Or Arbitration Of Disputes; Limitation On Period Of Service; Relief From Rotation Requirement; Restrictions; Hearing; Ruling By Commissioner; Exemption From Subsection (7); Nonaudit Services; Preapproval; Waiver; Independent Public Accountant Not Recognized As Qualified; Condition; Relief From Subsection (14).
  (1) The commissioner shall not recognize a person or firm as an independent public accountant unless that person or firm meets both of the...
• Section 500.1011 Audited Consolidated Or Combined Financial Statements; Application For Filing; Work Sheet.
  An insurer may make written application to the commissioner for approval to file audited consolidated or combined financial statements in lieu of separate annual...
• Section 500.1015 Independent Public Accountant; Reporting Determination That Insurer Materially Misstated Financial Condition Or Does Not Meet Requirements Of Mcl 500.408 Or Mcl 500.410; Liability; Action To Be Taken After Date Of Audited Financial Report.
  (1) An insurer required to furnish the annual audited financial report shall require the independent public accountant to report in writing within 5 business...
• Section 500.1017 Independent Public Accountant; Communicating Unremediated Material Weaknesses; Description.
  (1) In addition to the annual audited financial report, each insurer shall furnish the commissioner with a written communication as to any unremediated material...
• Section 500.1019 Independent Public Accountant; Filing Letter With Annual Audited Financial Report; Contents.
  The independent public accountant shall furnish the insurer in connection with, and for inclusion in, the filing of the annual audited financial report, a...
• Section 500.1021 Work Papers; Availability; Retention; Review As Investigation; Use.
  (1) Work papers are the records kept by the independent public accountant of the procedures followed, tests performed, information obtained, and conclusions reached pertinent...
• Section 500.1023 Compliance With Chapter; Exemption; Filing Reports On Other Than Calendar Year Basis; Compliance By Domestic Insurers; Schedule; Compliance By Foreign Insurers.
  (1) Upon an insurer's written application, the commissioner may grant an exemption from compliance with this chapter if the commissioner finds, upon review of...
• Section 500.1025 Canadian And British Insurers; Annual Audited Financial Report; Contents Of Independent Public Accountant's Letter.
  (1) For Canadian and British insurers, the annual audited financial report is the annual statement of total business, on the form filed by those...
• Section 500.1027 Applicability Of Section To Domestic Insurer Not Sox Compliant Entity; Duties Of Audit Committee; Member Of Audit Committee As Independent; Election Of Controlling Person; Report By Accountant; Reports Provided On Aggregate Basis; Structure Of Audit Committee; Waiver From Section Based On Hardship; Effective Date Of Section.
  (1) This section applies to a domestic insurer that is not a SOX compliant entity. A domestic insurer that is a direct or indirect...
• Section 500.1029 Director Or Officer Of Insurer; Prohibited Conduct.
  (1) A director or officer of an insurer shall not directly or indirectly do either of the following: (a) Make or cause to be...
• Section 500.1031 Report Of Insurer's Or Group Of Insurers' Internal Control Over Financial Reporting; Requirements.
  (1) Every insurer required to file an audited financial report pursuant to this chapter that has annual direct written and assumed premiums, excluding premiums...
• Section 500.1033 Exemption From Any Or All Provisions Of Chapter.
  Upon written application of any insurer, the commissioner may grant an exemption from compliance with any or all provisions of this chapter if the...

Last modified: October 10, 2016