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Mississippi House Bill 323 – Insurance Companies Requirement of Annual Audit

May 9, 2019

Legislature adjourned March 29, 2019

House Bill 323 – Insurance Companies Requirement of Annual Audit

Signed by Governor March 15, 2019 | Effective January 1, 2020

Amends Miss. Code Ann. § 83-5-102 regarding the definitions of certain terms used in the provisions requiring an audit of insurers. Amends Miss. Code Ann. § 83-5-119 to provide that the audit committee of an insurer shall be responsible for overseeing the insurer’s internal audit function. Also creates new Miss. Code Ann. § 83-2-120 to require insurers to establish an internal audit function providing independent, objective and reasonable assurance to the audit committee and insurer management regarding the insurer’s governance, risk management and internal controls.