B. The insurer shall also furnish the superintendent with a separate letter of disagreement within ten business days of the notice of dismissal or resignation, which shall contain the following:

1. (1) the letter shall state whether, in the 24 months preceding such event, there were any disagreements with the former ICPA on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure, which would have caused the accountant to make reference in the ICPA opinion to the subject matter of the disagreement if the disagreement had not been resolved to the satisfaction of the former ICPA; and
2. (2) the insurer must report in the letter all disagreements that occurred at the decision-making level (i.e., between personnel of the insurer responsible for presentation of its financial statements and personnel of the accounting firm responsible for rendering its report), whether resolved to the former ICPA’s satisfaction or not resolved to the former ICPA’s satisfaction.

C. The insurer shall send a copy of the letter of disagreement to the former ICPA and request in writing that the former ICPA furnish a letter addressed to the insurer stating whether the ICPA agrees with the statements contained in the insurer’s letter of disagreement and, if not, stating the reasons for disagreement. The insurer shall furnish a copy of the responsive letter from the former ICPA to the superintendent.

[1/1/94; 13.2.5.14 NMAC - Rn, 13 NMAC 2.5.14, 1/1/2010; A, 10/01/2020]