The debate over the application of Sarbanes-Oxley (SOX) provisions to non-public insurers came one step closer to a solution yesterday when the National Association of Insurance Commissioners (NAIC)/ American Institute of Certified Public Accountants (AICPA) Working Group’s Title IV Subgroup adopted a proposed alternative supported by both insurers and regulators at the NAIC Winter Meeting held here this week.
"We are extremely pleased with the Working Group’s action regarding SOX," said Robert Zeman, senior vice president, insurance regulatory affairs for the Property Casualty Insurers Association of America (PCI). "For nearly two years, regulators, industry leaders and interested parties have been working on a solution that meets regulators’ need to have additional assurance on the effectiveness of insurer internal controls without imposing undue or costly mandates on insurers. Today, the NAIC took important steps toward accomplishing that objective."
See full Article.
Posts
