Even if there were an insolvency crisis in the insurance industry, “there is no reason to think that applying Sarbanes-Oxley rules would solve the problem,” writes NAMIC Public Policy Director Robert Detlefsen in an ALEC Issue Analysis published by the American Legislative Exchange Council (ALEC).
The ALEC paper is in response to the efforts of some regulators at the NAIC solvency level to impose certain elements of the federal Sarbanes-Oxley Act to non-public insurance companies, ostensibly to enhance the efficacy of solvency regulation. But as Detlefsen writes, there have been few insolvencies among property-casualty insurers in recent years, and their incidence is trending downward.
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