No person or firm may be recognized as a qualified independent certified public accountant if the person or firm: (1) Is not in conformity with the Code of Professional Ethics of the American Institute of CPA's and in all states in which the accountant is licensed to practice, or, for a Canadian or British company, that is not a chartered accountant; or (2) Has either directly or indirectly entered into an agreement of indemnity or release from liability with respect to the audit of the insurer.
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