Indiana § 27-1-3.5-11 Report from independent auditor of financial condition irregularities;
subsequent facts

Indiana Statutes

§ 27-1-3.5-11 — Report from independent auditor of financial condition irregularities; subsequent facts

Indiana § 27-1-3.5-11

Title 27INSURANCE

Art. 1DEPARTMENT OF INSURANCE

Ch. 3.5Annual Audited Financial Reports

This text of Indiana § 27-1-3.5-11 (Report from independent auditor of financial condition irregularities; subsequent facts) is published on Counsel Stack Legal Research, covering Indiana primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Ind. Code § 27-1-3.5-11 (2026).

Text

(a)A domestic insurer required to file annual audited financial reports under this chapter shall require its independent auditor to report in writing to the board of directors or the board of director's audit committee, not more than five (5) business days after making a determination, the independent auditor's determination that:

(1)the domestic insurer has materially misstated to the commissioner the financial condition of the insurer as of the date of the balance sheet being examined by the independent auditor; or

(2)the domestic insurer does not meet the minimum capital and surplus requirements of Indiana as of the date of the balance sheet being examined by the independent auditor. The domestic insurer who has received a report under this section shall forward a copy of the report

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(a) A domestic insurer required to file
annual audited financial reports under this chapter shall require its
independent auditor to report in writing to the board of directors or the
board of director's audit committee, not more than five (5) business
days after making a determination, the independent auditor's
determination that:
(1) the domestic insurer has materially misstated to the
commissioner the financial condition of the insurer as of the date
of the balance sheet being examined by the independent auditor;
or
(2) the domestic insurer does not meet the minimum capital and
surplus requirements of Indiana as of the date of the balance sheet
being examined by the independent auditor.
The domestic insurer who has received a report under this section shall
forward a copy of the report to the commissioner within five (5)
business days after receipt of the report and shall provide the
independent accountant making the report with evidence of the report
being furnished to the commissioner. An independent auditor who does
not receive the evidence that the report was filed with the
commissioner within the required five (5) business days shall furnish
the commissioner a copy of the report within the next five (5) business
days. An independent auditor may not be liable to any person for a
statement made in connection with this subsection, if the statement is
made in good faith compliance with this subsection.
(b) If the independent auditor of a domestic insurer, after the filing
of the insurer's audited financial report under this chapter, becomes
aware of facts that, if the independent auditor had been aware of the
facts when writing its report, might have affected the independent
auditor's report that was included in the insurer's audited financial
report, the independent auditor shall take such action as is prescribed
in the Professional Standards of the American Institute of Certified
Public Accountants.