2012 Wyoming Statutes
TITLE 26 - INSURANCE CODE
CHAPTER 3 - AUTHORIZATION OF INSURERS AND GENERAL REQUIREMENTS
26-3-316. Conduct of insurer in connection with preparation of required reports and documents.
(a) No director or officer of an insurer shall, directly or indirectly:
(i) Make or cause to be made a materially false or misleading statement to an accountant in connection with any audit, review or communication required under this article; or
(ii) Omit to state or cause another person to omit to state any material fact necessary in order to make statements made, in light of the circumstances under which the statements were made, not misleading to an accountant in connection with any audit, review or communication required under this article.
(b) No officer or director of an insurer or any other person acting under the direction thereof shall directly or indirectly take any action to coerce, manipulate, mislead or fraudulently influence any accountant engaged in the performance of an audit pursuant to this article if that person knew or should have known that the action, if successful, could result in rendering the insurer's financial statements materially misleading. For purposes of this subsection, actions that, if successful, could result in rendering the insurer's financial statements materially misleading include, but are not limited to, actions taken at any time with respect to the professional engagement period to coerce, manipulate, mislead or fraudulently influence an accountant to:
(i) Issue or reissue a report on an insurer's financial statements that is not warranted in the circumstances due to material violations of statutory accounting principles prescribed by the commissioner, generally accepted auditing standards or other professional or regulatory standards;
(ii) Not perform any audit, review or other procedures required by generally accepted auditing standards or other professional standards;
(iii) Not withdraw an issued report; or
(iv) Not communicate matters to an insurer's audit committee.
(c) Violation of this section shall be punishable as provided in W.S. 26-1-107.
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