Missouri § 375.1058 Internal audit function — exemption, when — requirements.

Missouri Statutes

§ 375.1058 — Internal audit function — exemption, when — requirements.

Missouri § 375.1058

Title XXIVBUSINESS AND FINANCIAL INSTITUTIONS

Ch. 375Provisions Applicable to All Insurance Companies

This text of Missouri § 375.1058 (Internal audit function — exemption, when — requirements.) is published on Counsel Stack Legal Research, covering Missouri primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Mo. Rev. Stat. § 375.1058 (2026).

Text

1. An insurer is exempt from the requirements of this section if:

(1)The insurer has annual direct written and unaffiliated assumed premium, including international direct and assumed premium but excluding premiums reinsured with the Federal Crop Insurance Corporation and Federal Flood Program, totaling less than five hundred million dollars; and

(2)The insurer is a member of a group of insurers that has annual direct written and unaffiliated assumed premium, including international direct and assumed premium but excluding premiums reinsured with the Federal Crop Insurance Corporation and Federal Flood Program, totaling less than one billion dollars. 2. An insurer or group of insurers shall establish an internal audit function providing independent, objective, and reasonable assur

Free access — add to your briefcase to read the full text and ask questions with AI

1. An insurer is exempt from the requirements of this section if:

(1) The insurer has annual direct written and unaffiliated assumed premium, including international direct and assumed premium but excluding premiums reinsured with the Federal Crop Insurance Corporation and Federal Flood Program, totaling less than five hundred million dollars; and

(2) The insurer is a member of a group of insurers that has annual direct written and unaffiliated assumed premium, including international direct and assumed premium but excluding premiums reinsured with the Federal Crop Insurance Corporation and Federal Flood Program, totaling less than one billion dollars.

2. An insurer or group of insurers shall establish an internal audit function providing independent, objective, and reasonable assurance to the audit committee and insurer management regarding the insurer's governance, risk management, and internal controls. This assurance shall be provided by performing general and specific audits, reviews, and tests and by employing other techniques deemed necessary to protect assets, evaluate control effectiveness and efficiency, and evaluate compliance with policies and regulations.

3. In order to ensure that internal auditors remain objective, the internal audit function shall be organizationally independent. Specifically, the internal audit function shall not defer ultimate judgment on audit matters to others and shall appoint an individual to head the internal audit function who will have direct and unrestricted access to the board of directors. Organizational independence does not preclude dual-reporting relationships.

4. The head of the internal audit function shall report to the audit committee regularly, but no less than annually, on the periodic audit plan, factors that may adversely impact the internal audit function's independence or effectiveness, material findings from completed audits, and the appropriateness of corrective actions implemented by management as a result of audit findings.

5. If an insurer is a member of an insurance holding company system or included in a group of insurers, the insurer may satisfy the internal audit function requirements set forth in this section at the ultimate controlling parent level, an intermediate holding company level, or the individual legal entity level.