58-43-16.25. Internal audit function requirements.
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/sd/title-58/chapter-58-43/58-43-16-25·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
The insurer or group of insurers shall 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. This assurance shall be provided by performing general and specific audits, reviews, and tests and by employing other techniques deemed necessary to protect assets, evaluate control effectiveness and efficiency, and evaluate compliance with policies and regulations.