Sec. 1017.
(1) In addition to the annual audited financial report, each insurer shall furnish the commissioner with a written communication as to any unremediated material weaknesses in the insurer's internal controls over financial reporting noted during the audit. This communication shall be prepared by the accountant within 60 days after the filing of the annual audited financial report and shall contain a description of any unremediated material weaknesses, as of the December 31 immediately preceding, in the insurer's internal control over financial reporting noted by the accountant during the course of his or her audit of the financial statements. The communication shall also state if no unremediated material weaknesses were noted.
(2) The insurer shall provide to the commissioner a description of remedial actions taken or proposed to correct unremediated material weaknesses, if the actions taken or proposed are not described in the accountant's communication.
History: Add. 1992, Act 182, Imd. Eff. Oct. 1, 1992 ;-- Am. 2008, Act 342, Imd. Eff. Dec. 23, 2008 Popular Name: Act 218
Structure Michigan Compiled Laws
Chapter 500 - Insurance Code of 1956
Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302)
218-1956-10 - Chapter 10 Annual Audited Financial Reports (500.1001...500.1033)
Section 500.1001 - Definitions.
Section 500.1003 - Nonapplicability of Chapter.
Section 500.1005 - Insurer; Annual Audit; Filing Date; Extensions; Designation of Audit Committee.
Section 500.1021 - Work Papers; Availability; Retention; Review as Investigation; Use.
Section 500.1028 - Internal Audit Function; Exemption; Confidentiality; Report to Audit Committee.
Section 500.1029 - Director or Officer of Insurer; Prohibited Conduct.
Section 500.1033 - Exemption From Any or All Provisions of Chapter.