An NAIC committee concerned with Sarbanes-Oxley-like content in state solvency regulation may show its hand Tuesday in Chicago toward an alternate proposal from industry that reduces reporting on internal accounting control compared to an original proposal.
NAMIC observed but did not participate in formulating industry’s alternate proposal. It is essentially a compromise request related to burdensome additional regulation proposed last year by the NAIC to emulate for non-public companies the requirements contained in the Sarbanes-Oxley (SOX) Act to buttress internal accounting controls for public companies. NAMIC’s position has been that mutual insurers have not demonstrated behaviors that caused Congress to impose SOX’s multiple thrusts toward improving corporate integrity among publicly owned companies.
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