SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC. 20549
FORM 8-K
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, 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, 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 January 27, 1999 is filed as Exhibit A to this Form 8-K.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits.
(c) Exhibits.
16. Letter re change in certifying accountant
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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: January 27, 1999
STONEVILLE INSURANCE COMPANY
By:/s/ Harry Vickery
---------------------------
President
Exhibit A
January 27, 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 Form 8-K of Stoneville
Insurance Company dated January 27, 1999.
Very truly yours,
/s/ Richard L. Eaton
