reglab/housing_qa huggingface dataset:
IN Code § 27-1-3.1-15 (2021)
2021 Indiana Code|Title 27. Insurance|Article 1. Department of Insurance|Chapter 3.1. Examinations|27-1-3.1-15. Confidential Information; Use in Court Proceedings

Sec. 15. (a) All working papers, recorded information, documents, and copies thereof produced by, obtained by, or disclosed to the commissioner or any other person in the course of an examination under this chapter (including trade secrets and information obtained from a federal agency, a foreign country, or the National Association of Insurance Commissioners, or under another state law):(1) are confidential and privileged;(2) are not subject to public inspection or copying under IC 5-14-3-3;(3) are not subject to subpoena;(4) are not subject to discovery or admissible in evidence in a private civil action; and(5) may not be made public by the commissioner or any other person, except to the extent provided in section 14 of this chapter.(b) The commissioner may use the materials and information described in subsection (a) in relation to a regulatory or legal action brought as part of the commissioner's duties. Access to the materials and information described in subsection (a) may also be granted to the National Association of Insurance Commissioners. A party receiving materials or information under this subsection must agree in writing prior to receiving the materials or information to provide to it the same confidential treatment as required by this section, unless the prior written consent of the company to which it pertains has been obtained.(c) A court order requiring a release or production of materials or information described in subsection (a) that is not authorized under this section is null and void unless the commissioner has been served, in accordance with the Indiana Rules of Trial Procedure, with a pleading or motion requesting the court to order release or production of the materials or information.As added by P.L.26-1991, SEC.5. Amended by P.L.11-2011, SEC.5; P.L.276-2013, SEC.1.
IN Code § 27-1-3.1-16 (2021)
2021 Indiana Code|Title 27. Insurance|Article 1. Department of Insurance|Chapter 3.1. Examinations|27-1-3.1-16. Appointment of Examiner; Conflict of Interest; Support Staff

Sec. 16. (a) No examiner may be appointed by the commissioner if that examiner, either directly or indirectly, has a conflict of interest or is affiliated with the management of or owns a pecuniary interest in any person subject to examination under this chapter. However, this section does not automatically preclude an examiner from being:(1) a policyholder or claimant under an insurance policy;(2) a grantor of a mortgage or similar instrument on the examiner's residence to a regulated entity if done under customary terms and in the ordinary course of business;(3) an investment owner in shares of regulated diversified investment companies; or(4) a settlor or beneficiary of a "blind trust" into which any otherwise impermissible holdings have been placed.(b) Notwithstanding the requirements of this section, the commissioner may periodically retain on an individual basis qualified actuaries, certified public accountants, and other similar individuals who are independently practicing their professions, even though those persons may from time to time be similarly employed or retained by persons subject to examination under this chapter.As added by P.L.26-1991, SEC.5.
IN Code § 27-1-3.1-17 (2021)
2021 Indiana Code|Title 27. Insurance|Article 1. Department of Insurance|Chapter 3.1. Examinations|27-1-3.1-17. Liability of Commissioner, Authorized Representative, or Examiner; Attorney's Fees

Sec. 17. (a) No cause of action shall arise nor shall any liability be imposed against the commissioner, the commissioner's authorized representatives or any examiner appointed by the commissioner for any statements made or conduct performed in good faith while carrying out the provisions of this chapter.(b) No cause of action may arise, and no liability be imposed against any person for the act of communicating or delivering information or data to the commissioner or the commissioner's authorized representative or examiner pursuant to an examination made under this chapter, if that act of communication or delivery is performed in good faith and without fraudulent intent or the intent to deceive.(c) This section does not abrogate or modify in any way any common law or statutory privilege or immunity enjoyed by any person identified in subsection (a).(d) A person identified in subsection (a) is entitled to an award of attorney's fees and costs if that person is the prevailing party in a civil cause of action for libel, slander or any other relevant tort arising out of that person's activities in carrying out the provisions of this chapter and if the court finds the action was frivolous, unreasonable, groundless, or litigated in bad faith.As added by P.L.26-1991, SEC.5.
IN Code § 27-1-3.1-18 (2021)
2021 Indiana Code|Title 27. Insurance|Article 1. Department of Insurance|Chapter 3.1. Examinations|27-1-3.1-18. Financial Analysis Ratios; Written Requests; Examination Synopses; Confidentiality

Sec. 18. (a) The commissioner shall provide any financial analysis ratios computed by the Insurance Regulatory Information System within five (5) business days after receiving a written request for those ratios.(b) All examination synopses concerning insurance companies that are submitted to the department by the Insurance Regulatory Information System are confidential and may not be disclosed by the department.As added by P.L.26-1991, SEC.5. Amended by P.L.124-2018, SEC.6.
IN Code § 27-1-3.5-0.5 (2021)
2021 Indiana Code|Title 27. Insurance|Article 1. Department of Insurance|Chapter 3.5. Annual Audited Financial Reports|27-1-3.5-0.5. "Audit Committee"

Sec. 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.
IN Code § 27-1-3.5-1 (2021)
2021 Indiana Code|Title 27. Insurance|Article 1. Department of Insurance|Chapter 3.5. Annual Audited Financial Reports|27-1-3.5-1. "Commissioner"

Sec. 1. As used in this chapter, "commissioner" refers to the insurance commissioner appointed under IC 27-1-1-2.As added by P.L.244-1989, SEC.2.
IN Code § 27-1-3.5-2 (2021)
2021 Indiana Code|Title 27. Insurance|Article 1. Department of Insurance|Chapter 3.5. Annual Audited Financial Reports|27-1-3.5-2. "Domestic Insurer"

Sec. 2. (a) As used in this chapter, "domestic insurer" means an insurer organized under the laws of Indiana.(b) If a domestic insurer is a member of an "insurance holding company system" (as defined in IC 27-1-23-1), the term "domestic insurer" also includes:(1) any person in immediate control of the domestic insurer; and(2) any affiliate:(A) in which the domestic insurer has invested; or(B) that is indebted to the domestic insurer.As added by P.L.244-1989, SEC.2.
IN Code § 27-1-3.5-2.6 (2021)
2021 Indiana Code|Title 27. Insurance|Article 1. Department of Insurance|Chapter 3.5. Annual Audited Financial Reports|27-1-3.5-2.6. "Group of Insurers"

Sec. 2.6. As used in this chapter, "group of insurers" means two (2) or more insurers that are part of an insurance holding company system.As added by P.L.146-2015, SEC.4.
IN Code § 27-1-3.5-3 (2021)
2021 Indiana Code|Title 27. Insurance|Article 1. Department of Insurance|Chapter 3.5. Annual Audited Financial Reports|27-1-3.5-3. "Independent Auditor"

Sec. 3. As used in this chapter, "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.As added by P.L.244-1989, SEC.2.
IN Code § 27-1-3.5-3.1 (2021)
2021 Indiana Code|Title 27. Insurance|Article 1. Department of Insurance|Chapter 3.5. Annual Audited Financial Reports|27-1-3.5-3.1. "Insurance Holding Company System"

Sec. 3.1. As used in this chapter, "insurance holding company system" has the meaning set forth in IC 27-1-23-1.As added by P.L.146-2015, SEC.5.
IN Code § 27-1-3.5-3.2 (2021)
2021 Indiana Code|Title 27. Insurance|Article 1. Department of Insurance|Chapter 3.5. Annual Audited Financial Reports|27-1-3.5-3.2. "Internal Audit Function"

Sec. 3.2. As used in this chapter, "internal audit function" means a process that provides independent, objective, and reasonable assurance that is designed to:(1) add value to and improve a domestic insurer's or group of insurers' operations; and(2) accomplish the domestic insurer's or group of insurers' objectives;through introduction of a systematic, disciplined approach to the evaluation and improvement of the effectiveness of risk management, control, and governance processes.As added by P.L.146-2015, SEC.6.
IN Code § 27-1-3.5-3.3 (2021)
2021 Indiana Code|Title 27. Insurance|Article 1. Department of Insurance|Chapter 3.5. Annual Audited Financial Reports|27-1-3.5-3.3. "Internal Control Over Financial Reporting"

Sec. 3.3. As used in this chapter, "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:(1) The items specified in section 7(c)(2) through section 7(c)(6) and section 7(d) of this chapter.(2) Policies and procedures that do the following:(A) Pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect transactions and deposit of assets.(B) Provide reasonable assurance that:(i) transactions are recorded as necessary to permit preparation of the financial statements; and(ii) receipts and expenditures are made only in accordance with the authorization of management and the board of directors.(C) Provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of assets that may have a material effect on the financial statements.As added by P.L.146-2015, SEC.7.
IN Code § 27-1-3.5-3.4 (2021)
2021 Indiana Code|Title 27. Insurance|Article 1. Department of Insurance|Chapter 3.5. Annual Audited Financial Reports|27-1-3.5-3.4. "Section 404"

Sec. 3.4. As used in this chapter, "Section 404" refers to Section 404 of the federal Sarbanes-Oxley Act of 2002 (Public Law 107-204).As added by P.L.146-2015, SEC.8.
IN Code § 27-1-3.5-3.6 (2021)
2021 Indiana Code|Title 27. Insurance|Article 1. Department of Insurance|Chapter 3.5. Annual Audited Financial Reports|27-1-3.5-3.6. "Section 404 Report"

Sec. 3.6. As used in this chapter, "Section 404 report" means a domestic insurer's or group of insurers' management's report on internal control over financial reporting (as defined by the federal Securities and Exchange Commission) and the related attestation report of an independent auditor.As added by P.L.146-2015, SEC.10.
IN Code § 27-1-3.5-3.7 (2021)
2021 Indiana Code|Title 27. Insurance|Article 1. Department of Insurance|Chapter 3.5. Annual Audited Financial Reports|27-1-3.5-3.7. "Sox Compliant Entity"

Sec. 3.7. As used in this chapter, "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):(1) The preapproval requirements of Section 201.(2) The audit committee independence requirements of Section 301.(3) The internal control over financial reporting requirements of Section 404.As added by P.L.146-2015, SEC.11.
IN Code § 27-1-3.5-4 (2021)
2021 Indiana Code|Title 27. Insurance|Article 1. Department of Insurance|Chapter 3.5. Annual Audited Financial Reports|27-1-3.5-4. "Work Papers"

Sec. 4. (a) As used in this chapter, "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.(b) The term includes any audit planning documentation, work programs, analyses, memoranda, letters of confirmation and representation, abstracts of company documents, and schedules or commentaries that:(1) are prepared or obtained by the independent auditor in the course of any audit of the financial statements of a domestic insurer; and(2) support the independent auditor's opinion on the domestic insurer's financial statements.As added by P.L.244-1989, SEC.2. Amended by P.L.251-1995, SEC.4.
IN Code § 27-1-3.5-5 (2021)
2021 Indiana Code|Title 27. Insurance|Article 1. Department of Insurance|Chapter 3.5. Annual Audited Financial Reports|27-1-3.5-5. Application of Chapter; Exemptions

Sec. 5. (a) Except as provided in subsections (b) and (c), this chapter applies to all domestic insurers.(b) A domestic insurer that has:(1) direct written premiums of less than one million dollars ($1,000,000) in any calendar year;(2) less than one thousand (1,000) policyholders or certificate holders of directly written policies nationwide at the end of a calendar year; and(3) assumed premiums under contracts or treaties of reinsurance of less than one million dollars ($1,000,000);is exempt from this chapter with respect to that year. However, the commissioner may require compliance with this chapter upon a finding that compliance with this chapter is necessary for the commissioner to carry out a statutory responsibility.(c) A foreign or an alien insurer that files an audited financial report in another state or country pursuant to that state's or country's requirement for audited financial reports is exempt, with respect to the year of that audited financial report, from the requirement to file an audited financial report with the commissioner under this chapter, if:(1) the commissioner has found the other state's or country's requirement for audited financial reports to be substantially similar to the requirements of this chapter;(2) copies of the audited financial report, a communication of internal control related matters noted in an audit, and the accountant's letter of qualifications filed with the other state or country are filed with the commissioner in accordance with the filing requirements set forth in sections 6, 8, and 12 of this chapter; and(3) a copy of a notification of an adverse financial condition report that is filed with the other state is filed with the commissioner within the time specified in section 11 of this chapter.This subsection does not prevent the commissioner from ordering, conducting, or performing examinations of foreign or alien insurers under the rules, regulations, and practices of the department.As added by P.L.244-1989, SEC.2. Amended by P.L.251-1995, SEC.5; P.L.146-2015, SEC.12.
IN Code § 27-1-3.5-6 (2021)
2021 Indiana Code|Title 27. Insurance|Article 1. Department of Insurance|Chapter 3.5. Annual Audited Financial Reports|27-1-3.5-6. Annual Audit; Filing; Time; Extension

Sec. 6. (a) A domestic insurer shall have an audit by an independent auditor every year and shall file an audited financial report with the commissioner every year before June 1 immediately following the December 31 that ends the year reported on in the financial report. The commissioner may require a domestic insurer to file an audited financial report earlier than June 1 if the commissioner gives the domestic insurer ninety (90) days advance notice of the earlier filing date.(b) An extension of the June 1 filing date may be granted by the commissioner for thirty (30) days upon a showing by the insurer and its independent auditor of the reasons for requesting the extension and a determination by the commissioner that there is good cause for an extension. The request for an extension must be submitted in writing at least ten (10) days before the due date, and must include sufficient detail to permit the commissioner to make an informed decision with respect to the requested extension.As added by P.L.244-1989, SEC.2. Amended by P.L.251-1995, SEC.6.
IN Code § 27-1-3.5-6.5 (2021)
2021 Indiana Code|Title 27. Insurance|Article 1. Department of Insurance|Chapter 3.5. Annual Audited Financial Reports|27-1-3.5-6.5. Filing Annual Audited Financial Reports by Domestic Insurer

Sec. 6.5. Except as provided in this chapter, a domestic insurer shall file the annual audited financial reports required under this chapter for the calendar year ending December 31, 1989, and for every calendar year after 1989.As added by P.L.220-2011, SEC.420.
IN Code § 27-1-3.5-7 (2021)
2021 Indiana Code|Title 27. Insurance|Article 1. Department of Insurance|Chapter 3.5. Annual Audited Financial Reports|27-1-3.5-7. Contents of Report

Sec. 7. (a) The annual audited financial report filed by a domestic insurer under this chapter shall report:(1) the financial position of the domestic insurer as of the end of the most recently ended calendar year; and(2) the results of the domestic insurer's operations, cash flow, and changes in capital and surplus for that year;in conformity with statutory accounting practices prescribed, or otherwise permitted, by the department of insurance.(b) The financial statements included in the annual audited financial report filed by a domestic insurer under this chapter shall be examined by an independent auditor. The independent auditor shall conduct its examination of the domestic insurer's financial statements in accordance with generally accepted auditing standards, and shall consider such other procedures illustrated in the Financial Condition Examiner's Handbook as the independent auditor considers necessary.(c) An annual audited financial report filed by a domestic insurer under this chapter must include the following:(1) The report of the insurer's independent auditor.(2) A balance sheet reporting admitted assets, liabilities, capital, and surplus.(3) A statement of operations.(4) A statement of cash flow.(5) A statement of changes in capital and surplus.(6) Notes to financial statements. The notes must be those required by the applicable Annual Statement Instructions and any other notes required by statutory accounting practices, which must include a reconciliation of differences, if any, between the financial statements included in the audited financial report and the annual statement filed by the insurer under IC 27-1-20-21, including a written description of the nature of these differences.(d) The financial statements included in a domestic insurer's audited financial report shall be prepared in the same form, and using language and groupings substantially the same, as the relevant sections of the annual statement of the insurer filed with the commissioner under IC 27-1-20-21.(e) The financial statements included in a domestic insurer's audited financial report must be comparative, presenting the amounts as of December 31 of the year of the report and comparative amounts as of the immediately preceding December 31. However, in the first year in which an insurer is required to file an audited financial report under this chapter, the comparative data may be omitted.As added by P.L.244-1989, SEC.2. Amended by P.L.251-1995, SEC.7; P.L.146-2015, SEC.13; P.L.124-2018, SEC.7.
IN Code § 27-1-3.5-10 (2021)
2021 Indiana Code|Title 27. Insurance|Article 1. Department of Insurance|Chapter 3.5. Annual Audited Financial Reports|27-1-3.5-10. Consolidated Returns

Sec. 10. A domestic insurer may apply in writing to the commissioner for approval to satisfy the requirements of this chapter by filing audited consolidated or combined financial statements instead of separate annual audited financial statements if the insurer is part of a group of insurance companies that utilizes a pooling or one hundred percent (100%) reinsurance agreement that affects the solvency and integrity of the insurer's reserves and the insurer cedes all of the insurer's direct and assumed business to the pool. If a domestic insurer whose application is approved elects to file a consolidated return, the insurer shall file, with its financial statements, a columnar consolidating or combining schedule, which must meet the following requirements:(1) Amounts shown on the consolidated or combined audited financial report shall be shown on the schedule.(2) Amounts for each insurer subject to this section shall be stated separately.(3) Noninsurance operations shall be shown on the schedule on an individual basis.(4) Explanations of consolidating and eliminating entries shall be included.(5) A reconciliation shall be included of any differences between the amounts shown in the individual insurer columns of the schedule and comparable amounts shown on the annual statements of the insurers.As added by P.L.244-1989, SEC.2. Amended by P.L.130-1994, SEC.13; P.L.116-1994, SEC.17.
IN Code § 27-1-3.5-11 (2021)
2021 Indiana Code|Title 27. Insurance|Article 1. Department of Insurance|Chapter 3.5. Annual Audited Financial Reports|27-1-3.5-11. Report From Independent Auditor of Financial Condition Irregularities; Subsequent Facts

Sec. 11. (a) A domestic insurer required to file annual audited financial reports under this chapter shall require its independent auditor to report in writing to the board of directors or the board of director's audit committee, not more than five (5) business days after making a determination, the independent auditor's determination that:(1) the domestic insurer has materially misstated to the commissioner the financial condition of the insurer as of the date of the balance sheet being examined by the independent auditor; or(2) the domestic insurer does not meet the minimum capital and surplus requirements of Indiana as of the date of the balance sheet being examined by the independent auditor.The domestic insurer who has received a report under this section shall forward a copy of the report to the commissioner within five (5) business days after receipt of the report and shall provide the independent accountant making the report with evidence of the report being furnished to the commissioner. An independent auditor who does not receive the evidence that the report was filed with the commissioner within the required five (5) business days shall furnish the commissioner a copy of the report within the next five (5) business days. An independent auditor may not be liable to any person for a statement made in connection with this subsection, if the statement is made in good faith compliance with this subsection.(b) If the independent auditor of a domestic insurer, after the filing of the insurer's audited financial report under this chapter, becomes aware of facts that, if the independent auditor had been aware of the facts when writing its report, might have affected the independent auditor's report that was included in the insurer's audited financial report, the independent auditor shall take such action as is prescribed in the Professional Standards of the American Institute of Certified Public Accountants.As added by P.L.244-1989, SEC.2. Amended by P.L.251-1995, SEC.10.