Rep. Michael Oxley's recent acknowledgement that SOX is "excessive" in its regulation of public companies is another strike against extending its internal control provisions to mutual insurance companies, according to the National Association of Mutual Insurance Companies (NAMIC).
In a letter to principal insurance regulators Tuesday, NAMIC Senior Vice President for State and Regulatory Affairs Roger H. Schmelzer wrote that Oxley's comments as reported in the Financial Times last month are "important and timely" as the NAIC-AICPA Working Group prepares to make its recommendations to a superior National Association of Insurance Commissioners (NAIC) committee.
See full Press Release.
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