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.
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