Texas Insurance Code

§ 401.013 — ACCOUNTANT'S LETTER OF QUALIFICATIONS

IN § 401.013Title 4. REGULATION OF SOLVENCY · Part A. GENERAL PROVISIONS · Ch. 401. AUDITS AND EXAMINATIONS · Art. A. INDEPENDENT AUDIT OF FINANCIAL STATEMENTS

Statute text

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(a)The audited financial report required under Section 401.004 must be accompanied by a letter provided by the accountant who performed the audit stating:

(1)the accountant's general background and experience;

(2)the experience of each individual assigned to prepare the audit in auditing insurers or health maintenance organizations and whether the individual is an independent certified public accountant; and

(3)that the accountant:

(A)is properly licensed by an appropriate state licensing authority, is a member in good standing of the American Institute of Certified Public Accountants, and is otherwise qualified under Section 401.011;

(B)is independent from the insurer or health maintenance organization and conforms to the standards of the profession contained in the American Institute of Certified Public Accountants Code of Professional Conduct, the statements of that institute, and the rules of professional conduct adopted by the Texas State Board of Public Accountancy, or a similar code;

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Legislative history

Added by Acts 2005, 79th Leg., Ch. 727 (H.B. 2017), Sec. 1, eff. April 1, 2007.