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.
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