A company shall require the certified public accountant to immediately notify in writing an officer and all members of the Board of Directors of the company of any determination by the independent certified public accountant that the company has materially misstated its financial condition in its report to the commissioner. The company shall furnish such notification to the commissioner within five (5) working days of receipt thereof.

Author: Commissioner of Insurance

Statutory Authority: Code of Ala. 1975, §§27-2-17; 27-7-43, 27-31B-17.

History: New Rule: August 1, 2006; effective August 11, 2006. Filed with LRS August 1, 2006. Rule is not subject to the Alabama Administrative Procedure Act.