☰ Revisor of Missouri


Chapter 375

< > Effective - 28 Aug 2009    bottom

  375.1050.  Workpapers, defined — availability to insurance examiners — confidentiality of. — 1.  As used in this section, "workpapers" are the records kept by the independent certified public accountant of the procedures followed, the tests performed, the information obtained and the conclusions reached pertinent to such accountant's audit of the financial statements of an insurer.  Workpapers may include audit planning documentation, work programs, analyses, memoranda, letters of confirmation and representation, abstracts of company documents, and schedules or commentaries prepared or obtained by the independent certified public accountant in the course of such accountant's audit of the financial statements of an insurer and which support such accountant's opinion.

  2.  Every insurer required to file an audited financial report pursuant to sections 375.1025 to 375.1062 shall require the accountant to make available for review by the examiners of the department of commerce and insurance all workpapers prepared in the conduct of the accountant's audit and any communications related to the audit between the accountant and the insurer, at the offices of the insurer, at the department of commerce and insurance or at any other reasonable place designated by the director.  The insurer shall require that the accountant retain the audit workpapers and communications until the department has filed a report on examination covering the period of the audit, but no longer than seven years from the date of the audit report.

  3.  In the conduct of any examination or review by the department examiners, it shall be agreed that photocopies of pertinent audit workpapers may be made and retained by the department.  Such reviews by the department examiners shall be considered investigations and all working papers and communications obtained during the course of such investigations shall be afforded the same confidentiality as other examination workpapers generated by the department.


(L. 1991 H.B. 385, et al. § 12, A.L. 1992 H.B. 1574, A.L. 1993 H.B. 709, A.L. 2009 H.B. 577)

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