RSA 383-D:10-1005 · Exemption from Annual Audits

383-D:10-1005 Exemption from Annual Audits. –

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(a)

A family trust company may apply for an exemption from RSA 383-A:5-509 by filing with the commissioner an application for exemption.

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(b)

In accordance with RSA 383-A:6-604, the commissioner shall make a determination as to whether to grant to the family trust company an exemption from RSA 383-A:5-509.

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(c)

In determining whether to grant an exemption from RSA 383-A:5-509, the commissioner shall consider whether:

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(1)

The family trust company can maintain its safety and soundness without a financial audit;

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(2)

The cost of a financial audit would be an undue financial burden on the family trust company; and

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(3)

The family trust company has established and will maintain procedures that will ensure that its financial statements are accurate and complete.

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(d)

The commissioner may revoke an exemption granted under this section if he or she determines that a financial audit is necessary to ensure that:

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(1)

The family trust company maintains its safety and soundness; or

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(2)

The family trust company's financial statements are accurate and complete. Source. 2017, 257:45, eff. Sept. 16, 2017. ARTICLE 11 Examinations

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