If revisions to the Model Audit Rule, formally known as the Model Regulation Requiring Annual Audited Financial Reports, are passed, insurance companies with more than $500 million in direct and assumed premiums will be required to perform an annual assessment of their internal controls that apply to financial reporting.
The revisions, which were submitted to the National Association of Insurance Commissioners at its winter meeting in Chicago this week by the Title IV subgroup, were presented to the NAIC/American Institute of Certified Public Accountants working group.
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