§ 27-1-3.5-13 — Independent audit work papers and communications; review by department examiners

Indiana § 27-1-3.5-13

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

Text

(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) any record of significant communications related to the audit
between the independent auditor and the insurer that took place
at:
(A) the offices of the insurer;
(B) the department;
(C) the offices of the independent auditor; or
(D) any other reasonable place designated by the commissioner.
The insurer shall require the independent auditor to retain the audit
work papers and communications until the department has filed a
report on the examination covering the period of the audit but not later
than seven (7) years after the date of the audit report.
(b) Department examiners, in conducting a review of an
independent auditor's work papers, may make and retain copies of the
work papers and communications. A review of an independent auditor's
work papers and communications shall be considered an investigation
and all work papers and communications obtained or copied during the
course of that investigation are confidential under IC 27-1-3.1-15.

Legislative History

As added by P.L.244-1989, SEC.2. Amended by P.L.251-1995, SEC.13.