(a) General. Under the authority of section 103(a)(3)(C) of the Act,
the examination and report of an independent qualified public accountant
need not extend to any statement or information prepared and certified
by a bank or similar institution or insurance carrier. A plan, trust or
other entity which meets the requirements of paragraph (b) of this
section is not required to have covered by the accountant's examination
or report any of the information described in paragraph (c) of this
section.
(b) Application. This section applies to any plan, trust or other
entity some or all of the assets of which are held by a bank or similar
institution or insurance carrier which is regulated and supervised and
subject to periodic examination by a State or Federal agency.
(c) Excluded information. Any statements or information certified to
by a bank or similar institution or insurance carrier described in
paragraph (b) of this section, provided that the statements or
information regarding assets so held are prepared and certified to by
the bank or insurance carrier in accordance with Sec. 2520.103-5.
