☰ Revisor of Missouri


Chapter 375

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  375.1040.  Accountant's letter, contents. — The accountant shall furnish the insurer in connection with, and for inclusion in, the filing of the annual audited financial report, a letter stating:

  (1)  Such accountant is independent with respect to the insurer and conforms to the standards of his or her profession as contained in the code of professional ethics and pronouncements of the American Institute of Certified Public Accountants, and the rules of professional conduct of the Missouri board of accountancy, or similar code;

  (2)  The background and experience in general, and the experience in audits of insurers, of the staff assigned to audit the financial statements of the insurer and whether each is an independent certified public accountant.  Nothing within this requirement shall be construed as prohibiting the accountant from utilizing such staff as he or she deems appropriate where use is consistent with the standards prescribed by generally accepted auditing standards;

  (3)  That the accountant understands the annual audited financial report and his opinion thereon will be filed in compliance with sections 375.1025 to 375.1062 and that the director will be relying on this information in the monitoring and regulation of the financial position of the insurer;

  (4)  That the accountant consents to the requirements of section 375.1050 and that the accountant consents and agrees to make available for review by the director, the director's designee or appointed agent, the workpapers, as defined in section 375.1050;

  (5)  That the accountant is properly licensed by an appropriate state licensing authority and that the accountant is a member in good standing in the American Institute of Certified Public Accountants;

  (6)  That the accountant is in compliance with the requirements of section 375.1037.


(L. 1991 H.B. 385, et al. § 8, A.L. 1992 H.B. 1574, A.L. 2009 H.B. 577)

---- end of effective  28 Aug 2009 ----

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