Sec. 3.3. As used in this chapter, "internal control over financial reporting" means a process effected by a domestic insurer's board of directors, management, or other personnel that is designed to provide reasonable assurance regarding the reliability of financial statements of the domestic insurer, including the following:
(1) The items specified in section 7(c)(2) through section 7(c)(6) and section 7(d) of this chapter.
(2) Policies and procedures that do the following:
(A) Pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect transactions and deposit of assets.
(B) Provide reasonable assurance that:
(i) transactions are recorded as necessary to permit preparation of the financial statements; and
(ii) receipts and expenditures are made only in accordance with the authorization of management and the board of directors.
(C) Provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of assets that may have a material effect on the financial statements.
As added by P.L.146-2015, SEC.7.
Structure Indiana Code
Article 1. Department of Insurance
Chapter 3.5. Annual Audited Financial Reports
27-1-3.5-0.5. "Audit Committee"
27-1-3.5-2. "Domestic Insurer"
27-1-3.5-2.6. "Group of Insurers"
27-1-3.5-3. "Independent Auditor"
27-1-3.5-3.1. "Insurance Holding Company System"
27-1-3.5-3.2. "Internal Audit Function"
27-1-3.5-3.3. "Internal Control Over Financial Reporting"
27-1-3.5-3.6. "Section 404 Report"
27-1-3.5-3.7. "Sox Compliant Entity"
27-1-3.5-5. Application of Chapter; Exemptions
27-1-3.5-6. Annual Audit; Filing; Time; Extension
27-1-3.5-6.5. Filing Annual Audited Financial Reports by Domestic Insurer
27-1-3.5-7. Contents of Report
27-1-3.5-8. Independent Auditor
27-1-3.5-9. Qualifications of Independent Auditor
27-1-3.5-10. Consolidated Returns
27-1-3.5-11. Report From Independent Auditor of Financial Condition Irregularities; Subsequent Facts
27-1-3.5-12. Report of Unremediated Material Weaknesses in Internal Control Over Financial Reporting
27-1-3.5-12.1. Audit Committee; Members; Duties; Waiver
27-1-3.5-12.3. Internal Audit Function
27-1-3.5-12.5. Management's Report of Internal Control Over Financial Reporting
27-1-3.5-13. Independent Audit Work Papers and Communications; Review by Department Examiners
27-1-3.5-14. Exemption Application; Hearing
27-1-3.5-16. Penalty for Noncompliance
27-1-3.5-17. Effect of Chapter on Examinations Under Ic 27-1-3.1