SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC. 20549
FORM 8-K/AMENDMENT
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
January 26, 1999
STONEVILLE INSURANCE COMPANY
(Exact name of registrant as specified in its charter)
Mississippi 333-24379 72-1341156
(State or other (Commission File (I.R.S. Employer
jurisdiction of Number) Identification
incorporation) Number)
633 North State Street, Suite 200
Jackson, Mississippi 39202-7817
(Address of principal executive offices) (Zip code)
(601) 352-7817
(Registrant's telephone number, including area code)
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Item 4. CHANGES IN REGISTRANT'S CERTIFYING ACCOUNTANT
Richard L. Eaton ("Eaton") was previously the principal accountant for
Stoneville Insurance Company ("the Company"). Mr. Eaton has accepted a position
with the Company and thus is ineligible to serve as the Company's outside
auditor for 1998. On January 26, 1999, the Board of Directors approved the
appointment of Deloitte & Touche to act as the Company's independent auditors
for the fiscal year ending December 31, 1998.
The reports of Eaton on the Company's consolidated financial statements
for the years ended December 31, 1996 and 1997 did not contain an adverse
opinion or a disclaimer of opinion, nor were they qualified or modified as to
uncertainty, audit scope or accounting principles.
For each of the years in the two year period ended December 31, 1997,
and during 1998 through the date of termination of Eaton as the Company's
independent auditor, there were no "Disagreements" (as such term is defined
under the Federal Securities laws) with Eaton, on any matters of accounting
principles or practices, financial statement disclosure, or auditing scope or
procedure, which Disagreements, if not resolved to the satisfaction of Eaton,
would have caused Eaton to make reference to the subject matter of the
Disagreement in connection with his reports.
For each of the years in the two year period ended December 31, 1997,
and during 1998 through the date of termination of Eaton as the Company's
independent auditor , the Company was not (i) advised by Eaton that the Company
did not have internal controls necessary to develop reliable financial
statements; (ii) advised by Eaton that he was no longer able to rely on
management's representations or that he was unwilling to be associated with
financial statements prepared by management; (iii) advised by Eaton of a need
to expand the scope of his audit ; or (iv) advised by Eaton that information had
come to his attention that materially impacted the fairness or reliability of
any audit report or financial statement issued or to be issued, or caused
him to be unwilling to rely on management's representations or be associated
with the Company's consolidated financial statements (collectively, "Reportable
Events"). The Company requested Eaton to furnish a letter addressed to the
Securities and Exchange Commission stating whether he agrees with the above
statements. A copy of that letter dated February 25, 1999 is filed as Exhibit A
to this Amendment to Form 8-K.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits.
(c) Exhibits.
16. Letter re change in certifying accountant
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
Dated: February 25, 1999
STONEVILLE INSURANCE COMPANY
By:/s/ Harry Vickery
---------------------------
Harry Vickery, President
Exhibit A
February 25, 1999
Office of the Chief Accountant
Securities and Exchange Commission
450 Fifth Street, N.W.
Washington, D.C. 20549
Dear Sir/Madam:
I have read and agree with the statements in Item 4 of the Amendment to Form
8-K of Stoneville Insurance Company dated February 25, 1999.
Very truly yours,
/s/ Richard L. Eaton
