Title 27, INSURANCE

Sec. 12. (a) A domestic insurer required by this chapter to file an annual audited financial report with the commissioner shall also furnish the commissioner with a written communication describing any unremediated material weaknesses (as defined in the Accounting Practices and P…

Sec. 12.1. (a) As used in this section, "independent", with respect to a member of an audit committee, means that the member, other than in the member's capacity as a member of the audit committee, the board of directors, or another board committee: (1) does not accept a consulti…

Sec. 12.3. (a) This section does not apply to a domestic insurer that meets the following requirements: (1) The domestic insurer has annual direct written and unaffiliated assumed premiums (including international direct and assumed premiums and excluding premiums reinsured with …

Sec. 12.5. (a) A domestic insurer that is required to file an annual audited financial report under this chapter that has annual direct written and assumed premiums (excluding premiums reinsured with the Federal Crop Insurance Corporation and Federal Flood Program) of at least fi…

Sec. 13. (a) A domestic insurer required to file an audited financial report under this chapter shall require its independent auditor to make available for review by department examiners: (1) all work papers prepared in the conduct of the independent auditor's examination; and (2…

Sec. 14. (a) In response to a written application from a domestic insurer, the commissioner may grant an exemption from compliance with this chapter if the commissioner finds, upon review of the application, that compliance with this chapter would constitute a financial or an org…

Sec. 16. A domestic insurer that fails to file an audited annual financial report before July 1 or any other deadline established by the commissioner for the insurer under this chapter without having obtained an extension is subject to a civil penalty of fifty dollars ($50) per d…

Sec. 17. This chapter does not prohibit or in any way restrict the commissioner from ordering, conducting, or performing examinations of insurers under IC 27-1-3.1. As added by P.L.244-1989, SEC.2. Amended by P.L.26-1991, SEC.6.

Sec. 18. (a) In the case of a British or Canadian insurer, the annual audited financial report refers to the annual statement of total business on the form filed by the company with its domiciliary supervision authority audited by an independent auditor. (b) For a British or Cana…

Sec. 2. (a) As used in this chapter, "domestic insurer" means an insurer organized under the laws of Indiana. (b) If a domestic insurer is a member of an "insurance holding company system" (as defined in IC 27-1-23-1), the term "domestic insurer" also includes: (1) any person in …

Sec. 2.6. As used in this chapter, "group of insurers" means two (2) or more insurers that are part of an insurance holding company system. As added by P.L.146-2015, SEC.4.

Sec. 3. As used in this chapter, "independent auditor" means a certified public accountant or a certified public accounting firm that conducts an annual audit of a domestic insurer as required by this chapter. As added by P.L.244-1989, SEC.2.

Sec. 3.1. As used in this chapter, "insurance holding company system" has the meaning set forth in IC 27-1-23-1. As added by P.L.146-2015, SEC.5.

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: (1) add value to and improve a domestic insurer's or group of insurers' operations; and (2) accomplish the domestic ins…

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…

Sec. 3.4. As used in this chapter, "Section 404" refers to Section 404 of the federal Sarbanes-Oxley Act of 2002 (Public Law 107-204). As added by P.L.146-2015, SEC.8.

Sec. 3.6. As used in this chapter, "Section 404 report" means a domestic insurer's or group of insurers' management's report on internal control over financial reporting (as defined by the federal Securities and Exchange Commission) and the related attestation report of an indepe…

Sec. 3.7. As used in this chapter, "SOX compliant entity" means an entity that is required to be compliant, or is voluntarily compliant, with all of the following provisions of the federal Sarbanes-Oxley Act of 2002 (Public Law 107-204): (1) The preapproval requirements of Sectio…

Sec. 4. (a) As used in this chapter, "work papers" means the records kept by the independent auditor of the procedures followed, the tests performed, the information obtained, and the conclusions reached by the independent auditor's audit of the financial statements of a domestic…

Sec. 5. (a) Except as provided in subsections (b) and (c), this chapter applies to all domestic insurers. (b) A domestic insurer that has: (1) direct written premiums of less than one million dollars ($1,000,000) in any calendar year; (2) less than one thousand (1,000) policyhold…

Sec. 6. (a) A domestic insurer shall have an audit by an independent auditor every year and shall file an audited financial report with the commissioner every year before June 1 immediately following the December 31 that ends the year reported on in the financial report. The comm…

Sec. 6.2. (a) As used in this section, "domestic stock insurer" means a person that: (1) provides coverage under a health plan (as defined in IC 27-1-48-4); (2) is organized under the insurance laws of this state; and (3) is a publicly traded stock corporation. (b) A domestic sto…

Sec. 6.5. Except as provided in this chapter, a domestic insurer shall file the annual audited financial reports required under this chapter for the calendar year ending December 31, 1989, and for every calendar year after 1989. As added by P.L.220-2011, SEC.420.

Sec. 7. (a) The annual audited financial report filed by a domestic insurer under this chapter shall report: (1) the financial position of the domestic insurer as of the end of the most recently ended calendar year; and (2) the results of the domestic insurer's operations, cash f…

Sec. 8. (a) A domestic insurer that is required by this chapter to file annual audited financial reports shall, not more than sixty (60) days after becoming subject to the requirement, register in writing with the commissioner the name and address of the independent auditor retai…

Sec. 9. (a) For the purposes of this chapter, the commissioner may not recognize as an independent auditor any individual or firm that is not: (1) a certified public accountant (if an individual) or made up of certified public accountants (if a firm); or (2) in good standing with…