Indiana Code 27-1-3.5-3.2. “Internal audit function”
Current as of: 2023 | Check for updates
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Sec. 3.2. As used in this chapter, “internal audit function” means a process that provides independent, objective, and reasonable assurance that is designed to:
(2) accomplish the domestic insurer‘s or group of insurers’ objectives;
(1) add value to and improve a domestic insurer‘s or group of insurers‘ operations; and
Terms Used In Indiana Code 27-1-3.5-3.2
- 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
- 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
through introduction of a systematic, disciplined approach to the evaluation and improvement of the effectiveness of risk management, control, and governance processes.
As added by P.L.146-2015, SEC.6.