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CAPTIVE INSURANCE COMPANY ADMINISTRATIVE RULES c. The Accountant’s Letter of Qualifications; d. The Financial statements; and, e. A Certification of Loss Reserves and Loss Expense Reserves by a qualified actuary approved by the Commissioner. 10. The rules generally require insurers to report to the commissioner the CPA who will conduct the annual audit in advance. 11. The rules will generally state that insurers must require CPAs to notify a company officer and all directors if the CPA determines that the company has materially misstated its annual statement. The notification must be provided to the commissioner within five days of receipt. 12. The rules generally will state that insurers must require CPAs to make audit work papers available for review by the commissioner. C. The rules will permit the Commissioner to rescind a captive’s certificate of authority: 1. If the insurer has not commenced business within two years of being authorized; 2. If the company ceases to carry on the business of insurance in or from acceptable to the Commissioner within the state; 3. At the company’s request to rescind the Certificate of Authority; or, 4. For any reason provided by law. CLICK TO:
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