NAC680A.197. Review of workpapers.

     1. Every insurer required to file an annual Audited Financial Report pursuant to NRS 680A.265 and the regulations adopted pursuant thereto shall require the independent certified public accountant to make available for review by the Commissioner, or his or her designated agent, 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, the Division, or at any other reasonable place designated by the Commissioner. The insurer shall require that the independent certified public accountant retain the workpapers and communications relating to the audit until the Division has filed a report on the examination covering the period of the audit but not longer than 7 years from the date of the Audited Financial Report.

     2. To complete the periodic review of the workpapers of the independent certified public accountant pertaining to its audit of the financial statements, the examiners of the Division may make and retain a photocopy of any pertinent workpapers relating to the audit. All workpapers and communications obtained during the course of such reviews must be afforded the same confidentiality as other examination workpapers generated by the Division.

     3. As used in this section, “workpapers” means the records kept by an independent certified public accountant of the procedure followed, the test performed, the information obtained and the conclusion reached pertinent to the accountant’s audit of the financial statements of an insurer. The term includes, without limitation, audit planning documentation, work programs, analyses, memoranda, letters of confirmation and representation, abstracts of company documents, and schedules or commentaries prepared or obtained by the independent certified public accountant in the course of his or her audit of the financial statements of an insurer and which support the accountant’s opinion.

     (Added to NAC by Comm’r of Insurance by R205-08, 11-25-2009, eff. 1-1-2010)