Indiana § 27-1-3.5-3.3 "Internal control over financial reporting"

Indiana Statutes

§ 27-1-3.5-3.3 — "Internal control over financial reporting"

Indiana § 27-1-3.5-3.3

Title 27INSURANCE

Art. 1DEPARTMENT OF INSURANCE

Ch. 3.5Annual Audited Financial Reports

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Bluebook

Ind. Code § 27-1-3.5-3.3 (2026).

Text

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 accord

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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.