MS HB323

Amends Mississippi insurance audit laws to extend requirements through Section 83-5-125 (previously Section 83-5-113) and adds definition of "internal audit function" as independent, objective assurance on risk management, control, and governance processes.

Requires audit committees to oversee insurers' internal audit functions and provide them suitable authority and resources.

Establishes new Section 83-5-120 requiring insurers with $500 million or more in annual direct written and unaffiliated assumed premium (or insurance groups with $1 billion or more) to establish an internal audit function providing independent assurance to audit committees and management.

Internal audit functions must maintain organizational independence, with a head reporting directly to the board of directors and reporting to the audit committee at least annually on audit plans, findings, and management's corrective actions.

Effective date: January 1, 2020.