No Retreat and No Apologies on Sarbanes-Oxley Proposal, But Regulators Show Some Regret on Process Issues

Initial NAIC deliberations on putting costly Sarbanes-Oxley Section 404 content into insurer solvency regulation began Monday with regulators plugging the virtue of measures touted to minimize insurer insolvencies and industry rebutting.

The strong polarities between industry and those regulators who favor extension of measures from the federal Sarbanes-Oxley Act to mutual and other, non-public insurers have sharpened as basic debate on the need for new and elaborate rigor about “internal control” only begins to come into focus.

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