In what promises to be a spirited debate over the National Association of Insurance Commissioners' plan to apply Sarbanes-Oxley corporate disclosure and accounting rules to non-public carriers, legislators on the National Conference of Insurance Legislators' Financial Services & Investment Products Committee will consider a proposed Resolution on the Application of Federal Sarbanes-Oxley Standards to State Insurance Regulation, sponsored by Rep. George Keiser (ND). The committee will convene on Feb. 24 from 8 to 9:15 a.m., during the February 23 through 26 NCOIL Spring Meeting in Weston, Fla.
The resolution's main thrust is that SOX was intended to apply exclusively to public companies, as opposed to non-public companies such as mutual insurers, and that its original purpose was to protect those companies' investors.
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