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Code of Colorado Regulations eDocket
Official Publication of the State Administrative Rules (24-4-103(11) C.R.S.)

Details of Tracking Number  2016-00496


CCR details

Tracking Number 2016-00496
Type of Filing Permanent Rule
Department 700 Department of Regulatory Agencies
Agency 702 Division of Insurance
CCR Number 3 CCR 702-3
CCR Title FINANCIAL ISSUES

Proposed rule

Notice Filed with SOS 09/30/2016
Rule ProposedRuleAttach2016-00496.doc
Statutory Authority 10-1-108(7), 10-1-109, 10-1-203, 10-3-109, 10-3-118, 10-3-208, 10-5-117, 10-6-114, 10-6-129, 10-14-505, 10-14-602, 10-16-109, 10-16-111 and 8-45-121
Description of Subjects/Issues 3-1-4 PROPOSED AMENDED REGULATION 3-1-4 CONCERNING A COMPANYíS ANNUAL AUDITED FINANCIAL REPORTS, AUDIT COMMITTEE AND INTERNAL CONTROL DEPARTMENT REQUIREMENTS The purpose of this regulation is to improve the Divisionís surveillance of the financial condition of companies by requiring: (1) an annual audit of financial statements reporting the financial position and the results of operations of companies by independent certified public accountants, (2) Communication of Internal Control Related Matters Noted in an Audit, and (3) Managementís Report of Internal Control over Financial Reporting. This regulation shall not prohibit, preclude or in any way limit the Commissioner from ordering or conducting or performing examinations of companies under the rules and regulations of the Division and the practices and procedures of the Division.
Purpose/Objective of Rule The purpose of this regulation is to improve the Divisionís surveillance of the financial condition of companies by requiring: (1) an annual audit of financial statements reporting the financial position and the results of operations of companies by independent certified public accountants, (2) Communication of Internal Control Related Matters Noted in an Audit, and (3) Managementís Report of Internal Control over Financial Reporting.
Comments Carey Michal
Submitted in response to issues raised by COLS/OLLS? No
Is this rule adopted in response to recent legislation? No
Hearing Date 10/31/2016
Hearing Time 02:00 PM
Hearing Location 1560 Broadway, Ste 850, Denver CO 80202
Contact Name Christine Gonzales-Ferrer
Contact Title Rulemaking Coordinator
Contact Telephone 303-894-2157
Contact email christine.gonzales-ferrer@state.co.us

Adopted rule

Adopted Rules AdoptedRules02016-00496.doc
Redline Redline2016-00496.doc
Adopted Date 11/07/2016
AGO requested date 11/10/2016
Attorney General Opinion 11/21/2016
Colorado Register publication date 12/10/2016
Effective Date 01/01/2017
Inserted into CCR 01/06/2017