§ 27-1-3.5-12 — Report of unremediated material weaknesses in internal control over financial reporting

Indiana § 27-1-3.5-12

• Jurisdiction: Indiana
• Title 27: INSURANCE
• Art. 1: DEPARTMENT OF INSURANCE
• Ch. 3.5: Annual Audited Financial Reports

Text

(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 Procedures Manual) in the domestic insurer's
internal control over financial reporting as of the December 31
immediately preceding the audit (coinciding with the domestic insurer's
annual audited financial report), noted during the audit. If no
unremediated material weaknesses are noted during the audit, the
communication must reflect that fact.
(b) The written communication required under subsection (a) must
be prepared not later than sixty (60) days after the filing of the annual
audited financial report.
(c) If a description of remedial actions taken or proposed to correct
unremediated material weaknesses described under subsection (a) is
not provided by the independent auditor, the domestic insurer shall
provide a description of the remedial actions.

Legislative History

As added by P.L.244-1989, SEC.2. Amended by P.L.251-1995, SEC.11; P.L.146-2015, SEC.15; P.L.124-2018, SEC.8.