§ 27-1-3-5-0-5

(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.As added by P.L.146-2015, SEC.3.