National-PC-VII Federal Regulation easy
A publicly traded P&C insurer's CEO and CFO are preparing the certifications required for the company's Form 10-Q. Under SOX §302 (15 USC §7241), what must each certifying officer state regarding the periodic report? A That they have reviewed the report; that based on their knowledge it contains no material misstatements or omissions; that the financial information fairly presents the financial condition; and that they maintain disclosure controls and ICFR. B Only that the company's registered independent public accounting firm has reviewed and attested to the report under PCAOB standards; the certifying officers themselves bear no personal certification duty and may rely entirely on the outside auditor's opinion. C Only that the periodic report complies with the certifying officer's home-state insurance department's quarterly statutory-statement filing requirements and the NAIC Annual Statement instructions, with no representation as to GAAP presentation. D That the company reported positive net income for the quarter and maintains positive policyholder surplus; §302 certifications are required only for profitable quarters and are excused when the insurer reports an underwriting loss.
