(1) In addition  to the annual audited financial statements, each insurer shall furnish the commissioner with a written report prepared by the accountant, describing significant deficiencies in the insurer's internal control structure noted by the accountant during the audit, in accordance with SAS No. 60, "Communication of Internal Control Structure Matters Noted in an Audit" Section AU 324 of the professional standards of the AICPA, which requires an accountant to communicate significant deficiencies (called "reportable conditions") noted during a financial statement audit to the appropriate parties within an entity. No report should be issued if the accountant does not identify significant deficiencies. If significant deficiencies are noted, the written report must be filed annually by the insurer with the department within 60 days after the filing of the annual audited financial statements. The insurer shall provide a description of remedial actions taken or proposed to correct significant deficiencies, if such actions are not described in the accountant's report.