Terms Used In Indiana Code > Title 27 > Article 1 > Chapter 3.5 - Annual Audited Financial Reports

• Appraisal: A determination of property value.
• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• audit committee: means a body established by the board of directors of a domestic insurer or group of insurers for the purpose of overseeing:

  Indiana Code 27-1-3.5-0.5

• capital: means the aggregate amount paid in on the shares of capital stock of a corporation issued and outstanding. See Indiana Code 27-1-2-3
• certificate of authority: means an instrument in writing issued by the department to an insurer, which sets out the authority of such insurer to engage in the business of insurance or activities connected therewith. See Indiana Code 27-1-2-3
• commissioner: refers to the insurance commissioner appointed under IC 27-1-1-2. See Indiana Code 27-1-3.5-1
• Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
• corporation: means an insurance company and includes all persons, partnerships, corporations, associations, orders or societies engaged in or proposing to engage in making any kind of insurance authorized by the laws of this state. See Indiana Code 27-1-2-3
• 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
• Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
• Fraud: Intentional deception resulting in injury to another.
• group of insurers: means two (2) or more insurers that are part of an insurance holding company system. See Indiana Code 27-1-3.5-2.6
• in writing: include printing, lithographing, or other mode of representing words and letters. See Indiana Code 1-1-4-5
• 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
• Insurance: means a contract of insurance or an agreement by which one (1) party, for a consideration, promises to pay money or its equivalent or to do an act valuable to the insured upon the destruction, loss or injury of something in which the other party has a pecuniary interest, or in consideration of a price paid, adequate to the risk, becomes security to the other against loss by certain specified risks; to grant indemnity or security against loss for a consideration. See Indiana Code 27-1-2-3
• insurance holding company system: has the meaning set forth in IC 27-1-23-1. See Indiana Code 27-1-3.5-3.1
• 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
• internal audit function: means a process that provides independent, objective, and reasonable assurance that is designed to:

  Indiana Code 27-1-3.5-3.2

• 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:

  Indiana Code 27-1-3.5-3.3

• Judgment: means all final orders, decrees, and determinations in an action and all orders upon which executions may issue. See Indiana Code 1-1-4-5
• Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
• member: means one who holds a contract of insurance or is insured in an insurance company other than a stock corporation. See Indiana Code 27-1-2-3
• Oversight: Committee review of the activities of a Federal agency or program.
• person: includes individuals, corporations, associations, and partnerships; personal pronoun includes all genders; the singular includes the plural and the plural includes the singular. See Indiana Code 27-1-2-3
• premium: means money or any other thing of value paid or given in consideration to an insurer, insurance producer, or solicitor on account of or in connection with a contract of insurance and shall include as a part but not in limitation of the above, policy fees, admission fees, membership fees and regular or special assessments and payments made on account of annuities. See Indiana Code 27-1-2-3
• SOX compliant entity: means an entity that is required to be compliant, or is voluntarily compliant, with all of the following provisions of the federal Sarbanes-Oxley Act of 2002 (Public Law 107-204):

  Indiana Code 27-1-3.5-3.7

• 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
• Year: means a calendar year, unless otherwise expressed. See Indiana Code 1-1-4-5