As used in this chapter, "internal audit function" means a process that provides independent, objective, and reasonable assurance that is designed to:

1. (1) add value to and improve a domestic insurer's or group of insurers' operations; and

2. (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.

As added by P.L.146-2015, SEC.6.