Still Too Costly and Unwarranted, NAMIC Asserts
With a number of hurdles still in its path, a modified proposal to add Sarbanes-Oxley (SOX) Act content on internal accounting control to state regulation of insurer solvency began a move through the NAIC’s hierarchy Monday afternoon during the NAIC’s winter meeting in Chicago.
The proposal, a scaled-down version of what had originally been proposed in early 2004, received a unanimous vote in what has been known as the Title IV Subgroup, a committee constituted to reconsider that original proposal which closely emulated Section 404 of SOX – and found itself the focus of objection from NAMIC and other industry groups that represented non-public insurers. The scaled-down or compromise version of additional requirements for insurers’ internal accounting control that passed Monday has become known as the “alternate proposal” forwarded by some in the industry.
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