"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.