U.S. Insurers Resume Battle Against Sarbanes-Oxley Provisions

When U.S insurance regulators began in December to look earnestly at folding sections of the Sarbanes-Oxley Act into insurance regulation, some leaders at the National Association of Insurance Commissioners said parts of the act were on target with the organization's goal of building a strong foundation for financial reporting, rather than "building a house on the cheap."

But in the eyes of many in the industry, this house would cost too much and isn't very attractive.

As it stands, pursuit of the measure's Title IV, which would subject nonpublicly traded insurers to some of the same accounting requirements as their publicly traded counterparts, is more akin to constructing a house by "starting with the second floor," say insurer representatives.

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