When the glimmer of an idea to incorporate sections of the Sarbanes-Oxley Act of 2002 into insurers' financial reporting first occurred to regulators at the National Association of Insurance Commissioners, there was barely a whisper from the industry.
Following a study on the issue, launched in March 2003, there might have been two or three public meetings on the item. Still no response. Then the floodgates opened. "When we had the NAIC mock up the Model Audit Rule about a year ago, when we put pen to paper...the industry thought, 'Wow, these guys are serious!'" said Doug Stolte, chairman of the NAIC/American Institute of Certified Public Accountants Working Group, whose responsibility it is to create model Sarbanes-Oxley legislation.
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