Introduced
by
To prohibit insurance companies’ audits from being performed by an accounting firm with which the insurer has an “indemnification agreement” that absolves the accountant from liability for failure to adhere to applicable auditing or professional standards. The bill would also impose a duty on auditors to act in accordance with accounting association standards should they later discover facts that might have affected their report.
Referred to the Committee on Insurance
Reported without amendment
With the recommendation that the substitute (H-2) be adopted and that the bill then pass.
Substitute offered
To replace the previous version of the bill with one that revises details but does not change the substance of the bill as previously described.
The substitute passed by voice vote
Passed in the House 106 to 0 (details)
Referred to the Committee on Banking and Financial Institutions
Referred to the Committee on Economic Development and Regulatory Reform
Reported without amendment
With the recommendation that the substitute (S-1) be adopted and that the bill then pass.
Substitute offered
To replace the previous version of the bill with one that revises details but does not change the substance of the bill as previously described.
The substitute passed by voice vote
Passed in the Senate 36 to 0 (details)
To prohibit insurance companies’ audits from being performed by an accounting firm with which the insurer has an “indemnification agreement” that absolves the accountant from liability for failure to adhere to applicable auditing or professional standards. The bill would also impose a duty on auditors to act in accordance with accounting association standards should they later discover facts that might have affected their report.
Passed in the House 107 to 0 (details)
To concur with the Senate-passed version of the bill.
