Section 27-1-3.5-0.5 - "Audit committee"(a) As used in this chapter, "audit committee" means a body established by the board of directors of a domestic insurer or group of insurers for the purpose of overseeing: (1) the accounting and financial reporting processes;(2) external audits of financial statements; and(3) the internal audit function; of a domestic insurer or group of insurers.
(b) For purposes of this chapter, the audit committee of an insurance holding company system is considered to be the audit committee of a group of insurers that are members of the insurance holding company system, at the election of the insurance holding company system.(c) For purposes of this chapter, if a board of directors does not establish an audit committee, the entire board of directors constitutes the audit committee.Added by P.L. 146-2015, SEC. 3, eff. 7/1/2015.