Maintaining its position that such measures are unwarranted for mutual insurers, the National Association of Mutual Insurance Companies (NAMIC) was reportedly not part of an industry interested parties' group submitting an alternate proposal about added internal accounting control to the National Association of Insurance Commissioners (NAIC) last Friday.
The alternate proposal responds to a key regulator's request to industry to formulate its own version of what might be added to state solvency regulation of insurers in emulation or adaptation of Section 404 of the Sarbanes-Oxley Act of 2002. That element of the Act prescribes expensive new accounting controls for those companies - insurers and others - regulated by the SEC.
See full Article. Also see NAMIC Press Release.
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