NU Online News Service, May 17, 5:30 p.m. EDT–A key regulator working on corporate disclosure rules for the insurance industry said the need for such regulation has been spotlighted by revelations about American International Group accounting.
The comments in an interview with National Underwriter were made by Doug Stolte, who chairs a working group of the National Association of Insurance Commissioners and American Institute of Certified Public Accountants that is drafting a Model Audit Rule.
Mr. Stolte, the Virginia Insurance Bureau deputy commissioner, pointed to AIG as a reason for making some requirements of Sarbanes-Oxley Act of 2002, the federal corporate disclosure law, apply to larger private mutual insurers. Publicly traded insurers already are governed by Sarbanes-Oxley provisions.
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