Indiana Code 27-1-35-12. Audit committees
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Terms Used In Indiana Code 27-1-35-12
- Commissioner: means the "insurance commissioner" of this state. See Indiana Code 27-1-2-3
- controlled: has the meaning set forth in IC 27-1-23-1. See Indiana Code 27-1-35-4
- insurer: means any person, firm, association, or corporation licensed to transact a property/casualty insurance business in Indiana. See Indiana Code 27-1-35-7
Sec. 12. Each controlled insurer shall have an audit committee of the board of directors composed of independent directors. The audit committee shall annually meet with management, the insurer’s independent certified public accountants, and an independent casualty actuary or other independent loss reserve specialist acceptable to the commissioner to review the adequacy of the insurer’s loss reserves.
As added by P.L.130-1994, SEC.36 and P.L.116-1994, SEC.47.