NAMIC Supports NCOIL Stance Against Proposed Sarbanes-Oxley Regs

State legislators are right to challenge an NAIC initiative that would impose sweeping federal requirements designed to protect stockholders on privately held insurance companies, according to an official of the nation's largest property/casualty trade association.

Roger H. Schmelzer, senior vice president of State and Regulatory Affairs at the National Association of Mutual Insurance Companies (NAMIC), said that his organization strongly supports NCOIL's opposition to an NAIC proposal to extend elements similar to those contained in the federal Sarbanes-Oxley (SOX) corporate governance law to non-public insurers. The letter was authorized by NCOIL's Executive Committee at its meeting last week in Hilton Head, S.C., and presented to the NAIC on Saturday by NCOIL President, Texas State Rep. Craig Eiland.

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