House Bill 948

AN ACT TO AMEND SECTION 83-5-102, MISSISSIPPI CODE OF 1972, TO REVISE THE DEFINITIONS OF TERMS RELATING TO THE FILING OF AUDITED FINANCIAL REPORTS OF INSURERS; TO AMEND SECTION 83-5-104, MISSISSIPPI CODE OF 1972, TO REVISE THE EXEMPTIONS PROVIDED FOR FINANCIAL REPORTING; TO AMEND SECTION 83-5-105, MISSISSIPPI CODE OF 1972, TO PROVIDE FOR THE EXTENSION OF FILING A MANAGEMENT'S REPORT OF INTERNAL CONTROL OVER FINANCIAL REPORTING; TO AMEND SECTION 83-5-107, MISSISSIPPI CODE OF 1972, TO REVISE THE QUALIFICATIONS OF AN INDEPENDENT CERTIFIED PUBLIC ACCOUNTANT FOR FILING AUDITED FINANCIAL REPORTS; TO AMEND SECTION 83-5-109, MISSISSIPPI CODE OF 1972, TO PROVIDE THAT THE INDEPENDENT CERTIFIED PUBLIC ACCOUNTANT SHOULD CONSIDER THE MOST RECENTLY AVAILABLE REPORT IN PLANNING AND PERFORMING THE AUDIT OF THE STATUTORY FINANCIAL STATEMENTS; TO AMEND SECTION 83-5-111, MISSISSIPPI CODE OF 1972, TO REQUIRE AN INSURER TO FURNISH THE COMMISSIONER OF INSURANCE WITH A WRITTEN COMMUNICATION AS TO ANY UNREMEDIATED MATERIAL WEAKNESSES IN ITS INTERNAL CONTROL OVER FINANCIAL REPORTING NOTED DURING THE AUDIT; TO AMEND SECTION 83-5-113, MISSISSIPPI CODE OF 1972, TO PROVIDE THAT THE ACCOUNTANT RETAIN THE AUDIT WORK PAPERS AND COMMUNICATIONS NO LONGER THAN SEVEN YEARS FROM THE DATE OF THE AUDIT REPORT; TO REQUIRE THE FORMATION OF AUDIT COMMITTEES AND TO PROVIDE FOR THEIR DUTIES AND RESPONSIBILITIES; TO REQUIRE A MANAGEMENT'S REPORT OF INTERNAL CONTROL OVER FINANCIAL REPORTING; TO PROVIDE SEPARATE PROVISIONS RELATING TO FINANCIAL REPORTING BY CANADIAN AND BRITISH INSURERS; AND FOR RELATED PURPOSES.

In the House of Representatives

• Walter L. Robinson, Jr.

  Sponsor

l9n doesn't hold this bill's text yet.

In the House of Representatives Jan 19 – Feb 12

1. Jan 19Referred to the House committee on Insurance
2. Jan 28Reported from committee in the House: title sufficient, do pass
3. Feb 6Tabled in the House, subject to being called up again
4. Feb 12Died on the calendar in the House