Administrative Code

Creating a Report: Check the sections you'd like to appear in the report, then use the "Create Report" button at the bottom of the page to generate your report. Once the report is generated you'll then have the option to download it as a pdf, print or email the report.

Virginia Administrative Code
Title 14. Insurance
Agency 5. State Corporation Commission, Bureau of Insurance
Chapter 270. Rules Governing Annual Financial Reporting
1/22/2020

14VAC5-270-140. Availability and Maintenance of Independent Certified Public Accountant Workpapers.

Every insurer required to file the Audited Financial Report described in this chapter shall require the accountant to make available for review by the commission's examiners, all workpapers prepared in the conduct of the accountant's audit and any communications related to the audit between the accountant and the insurer, at the offices of the insurer, at the commission or at any other reasonable place designated by the commission. The insurer shall require that the accountant retain the workpapers and communications until the commission has filed a Report on Examination covering the period of the audit, but no longer than seven years from the date of the audit report.

In the conduct of the aforementioned periodic review by the commission's examiners, it shall be agreed that photocopies of pertinent workpapers may be made and retained by the commission. Reviews by the commission's examiners shall be considered investigations and all workpapers and communications obtained during the course of investigations shall be confidential.

Statutory Authority

§§ 12.1-13 and 38.2-223 of the Code of Virginia.

Historical Notes

Derived from Regulation 39, Case No. INS910072, § 15, eff. September 1, 1991; amended, Volume 24, Issue 12, eff. January 1, 2010.

Website addresses provided in the Virginia Administrative Code to documents incorporated by reference are for the reader's convenience only, may not necessarily be active or current, and should not be relied upon. To ensure the information incorporated by reference is accurate, the reader is encouraged to use the source document described in the regulation.

As a service to the public, the Virginia Administrative Code is provided online by the Virginia General Assembly. We are unable to answer legal questions or respond to requests for legal advice, including application of law to specific fact. To understand and protect your legal rights, you should consult an attorney.