Indiana Code 27-1-3.5-0.5. “Audit committee”
Current as of: 2023 | Check for updates
|
Other versions
Sec. 0.5. (a) As used in this chapter, “audit committee” means a body established by the board of directors of a domestic insurer or group of insurers for the purpose of overseeing:
(2) external audits of financial statements; and
(1) the accounting and financial reporting processes;
Terms Used In Indiana Code 27-1-3.5-0.5
- audit committee: means a body established by the board of directors of a domestic insurer or group of insurers for the purpose of overseeing:
Indiana Code 27-1-3.5-0.5
- domestic insurer: means an insurer organized under the laws of Indiana. See Indiana Code 27-1-3.5-2
- group of insurers: means two (2) or more insurers that are part of an insurance holding company system. See Indiana Code 27-1-3.5-2.6
- Insurance: means a contract of insurance or an agreement by which one (1) party, for a consideration, promises to pay money or its equivalent or to do an act valuable to the insured upon the destruction, loss or injury of something in which the other party has a pecuniary interest, or in consideration of a price paid, adequate to the risk, becomes security to the other against loss by certain specified risks; to grant indemnity or security against loss for a consideration. See Indiana Code 27-1-2-3
- insurance holding company system: has the meaning set forth in IC 27-1-23-1. See Indiana Code 27-1-3.5-3.1
- insurer: means a company, firm, partnership, association, order, society or system making any kind or kinds of insurance and shall include associations operating as Lloyds, reciprocal or inter-insurers, or individual underwriters. See Indiana Code 27-1-2-3
- internal audit function: means a process that provides independent, objective, and reasonable assurance that is designed to:
Indiana Code 27-1-3.5-3.2
(3) the internal audit function;
of a domestic insurer or group of insurers.
(b) For purposes of this chapter, the audit committee of an insurance holding company system is considered to be the audit committee of a group of insurers that are members of the insurance holding company system, at the election of the insurance holding company system.
(c) For purposes of this chapter, if a board of directors does not establish an audit committee, the entire board of directors constitutes the audit committee.
As added by P.L.146-2015, SEC.3.