Missouri Revised Statutes
Chapter 375
Provisions Applicable to All Insurance Companies
←375.1018
Section 375.1025.1
375.1028→
August 28, 2015
Definitions.
375.1025. As used in sections 375.1025 to 375.1062, the following terms
shall mean:
(1) "Accountant" or "independent certified public accountant", an
independent certified public accountant or accounting firm in good standing
with the American Institute of Certified Public Accountants and in all states
in which they are licensed to practice. For Canadian and British companies,
it means a Canadian-chartered or British-chartered accountant;
(2) "Affiliate" or "affiliated", a person that directly, or indirectly
through one or more intermediaries, controls, or is controlled by, or is under
common control with, the person specified;
(3) "AICPA", the American Institute of Certified Public Accountants;
(4) "Audit committee", a committee (or equivalent body) established by
the board of directors of an entity for the purpose of overseeing the
accounting and financial reporting processes of an insurer or group of
insurers, and audits of financial statements of the insurer or group of
insurers. The audit committee of any entity that controls a group of
insurers may be deemed to be the audit committee for one or more of such
controlled insurers solely for the purposes of sections 375.1025 to 375.1062
at the election of the controlling person. Such election shall be exercised
under subsection 5 of section 375.1053. If an audit committee is not
designated by the insurer, the insurer's entire board of directors shall
constitute the audit committee;
(5) "Audited financial report", includes those items specified in
section 375.1032;
(6) "Department", the department of insurance, financial institutions
and professional registration;
(7) "Director", the director of the department of insurance, financial
institutions and professional registration;
(8) "Group of insurers", those licensed insurers included in the
reporting requirements of sections 382.010 to 382.300, or a set of insurers
as identified by management, for the purpose of assessing the effectiveness of
internal control over financial reporting;
(9) "Indemnification", an agreement of indemnity or a release from
liability where the intent or effect is to shift or limit in any manner the
potential liability of the person or firm for failure to adhere to applicable
auditing or professional standards, whether or not resulting in part from
knowing of other misrepresentations made by the insurer or its
representatives;
(10) "Independent board member", the same meaning as described in
subsection 3 of section 375.1053;
(11) "Insurer", an insurer certified to do business in this state
pursuant to section 375.161 or 375.831, and to companies authorized to
transact business in this state pursuant to chapters 354, 376, 377, 378, 379
and 381;
(12) "Internal control over financial reporting", a process effected by
an entity's board of directors, management and other personnel designed to
provide reasonable assurance regarding the reliability of the financial
statements, i.e., those items specified in subsections 2 to 7 of section
375.1032 and includes those policies and procedures that:
(a) Pertain to the maintenance of records that, in reasonable detail,
accurately and fairly reflect the transactions and dispositions of assets;
(b) Provide reasonable assurance that transactions are recorded as
necessary to permit preparation of financial statements, i.e., those items
specified in subsections 2 to 7 of section 375.1032, and that receipts and
expenditures are being made only in accordance with authorizations of
management and directors; and
(c) Provide reasonable assurance regarding prevention or timely
detection of unauthorized acquisition, use or disposition of assets that
could have a material effect on the financial statements, i.e., those items
specified in subsections 2 to 7 of section 375.1032;
(13) "NAIC", the National Association of Insurance Commissioners;
(14) "SEC", the United States Securities and Exchange Commission;
(15) "Section 404", Section 404 of the Sarbanes-Oxley Act of 2002, as
amended, and the SEC's rules and regulations promulgated thereunder;
(16) "Section 404 report", management's report on internal control over
financial reporting, as defined by the SEC and the related attestation report
of the independent certified public accountant as described in subsection 1 of
section 375.1030;
(17) "SOX compliant entity", an entity that either is required to be or
voluntarily is compliant with all of the following provisions of the
Sarbanes-Oxley Act of 2002, as amended:
(a) The preapproval requirements of Section 201 (Section 10A(i) of the
federal Securities Exchange Act of 1934);
(b) The audit committee independence requirements of Section 301
(Section 10A(m)(3) of the federal Securities Exchange Act of 1934); and
(c) The internal control over financial reporting requirements of
Section 404.
(L. 1991 H.B. 385, et al. § 2, A.L. 2009 H.B. 577)
1991
1991
375.1025. As used in sections 375.1025 to 375.1062, the following terms
shall mean:
(1) "Audited financial report" means and includes those items specified
in section 375.1032;
(2) "Accountant" and "independent certified public accountant", an
independent certified public accountant or accounting firm in good standing
with the American Institute of Certified Public Accountants and in all states
in which they are licensed to practice. For Canadian and British companies,
it means a Canadian-chartered or British-chartered accountant;
(3) "Director", the director of the department of insurance, financial
institutions and professional registration;
(4) "Insurer", an insurer certified to do business in this state
pursuant to section 375.161 or 375.831, and to companies authorized to
transact business in this state pursuant to chapters 354, 376, 377, 378, 379
and 381, RSMo.
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