Section 26-A3705. AVAILABILITY AND MAINTENANCE OF WORKING PAPERS OF THE INDEPENDENT CERTIFIED PUBLIC ACCOUNTANT

 

3705.1Each captive insurance company shall require the independent certified public accountant to make available for review by the Commissioner the work papers prepared in the conduct of the audit of the company. The company shall require that the accountant retain the audit work papers for a period of not less than five years after the period reported upon.

 

3705.2The review by the Commissioner referenced in § 3705.1 shall be considered investigations and all working papers obtained during the course of such investigations shall be confidential. The captive insurance company shall require that the independent certified public accountant provide photocopies of any of the working papers which the Commissioner considers relevant. The Commissioner may retain the work papers.

 

3705.3"Work Papers" as referred to in this section include, but are not necessarily limited to, schedules, analyses, reconciliations, abstracts, memoranda, narratives, flow charts, copies of company records or other documents prepared or obtained by the accountant and his employees in the conduct of their examination of the company.

 

source

Final Rulemaking published at 48 DCR 8034(August 24, 2001).