Indiana Code 27-1-3.5-13. Independent audit work papers and communications; review by department examiners
(1) all work papers prepared in the conduct of the independent auditor’s examination; and
Terms Used In Indiana Code 27-1-3.5-13
- commissioner: refers to the insurance commissioner appointed under IC 27-1-1-2. See Indiana Code 27-1-3.5-1
- Department: means "the department of insurance" of this state. See Indiana Code 27-1-2-3
- domestic insurer: means an insurer organized under the laws of Indiana. See Indiana Code 27-1-3.5-2
- independent auditor: means a certified public accountant or a certified public accounting firm that conducts an annual audit of a domestic insurer as required by this chapter. See Indiana Code 27-1-3.5-3
- insurer: means a company, firm, partnership, association, order, society or system making any kind or kinds of insurance and shall include associations operating as Lloyds, reciprocal or inter-insurers, or individual underwriters. See Indiana Code 27-1-2-3
- work papers: means the records kept by the independent auditor of the procedures followed, the tests performed, the information obtained, and the conclusions reached by the independent auditor's audit of the financial statements of a domestic insurer. See Indiana Code 27-1-3.5-4
(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.
As added by P.L.244-1989, SEC.2. Amended by P.L.251-1995, SEC.13.