Communication of internal control related matters noted in an audit

(a) 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 its internal controls over financial reporting noted during the audit. Such communication shall be prepared by the accountant within sixty (60) days after the filing of the annual audited financial report, and shall contain: a description of any unremediated material weakness, as the term "material weakness" is defined in Statement on Auditing Standards 60, Communication of Internal Control Related Matters Noted in an Audit, or its replacement as of December 31 immediately preceding, so as to coincide with the audited financial report set forth in Section 38a-54-3 of the Regulations of the Connecticut State Agencies in the insurer's internal control over financial reporting noted by the accountant during the course of the audit. (b) The insurer is required to provide a description of remedial actions taken or proposed to correct unremediated material weaknesses, if the actions are not described in the accountant's communications. (c) If no unremediated material weaknesses were noted, the communication should so state in written notification to the Commissioner by June 1 as part of the annual audited financial report filing.