New York--The Sarbanes-Oxley Act disclosure requirements won't detect accounting fraud, in the opinion of one of several insurance executives who analyzed the costs and benefits of the legislation at an industry conference here.
They voiced their differing views during a panel discussion of corporate governance issues Monday, at the Standard & Poor's Insurance Conference in New York.
Their perspectives included a mention of some benefits by Stephen Lilienthal, chairman and chief executive of Chicago-based CAN; Dennis Glass, president and CEO of life insurer Jefferson-Pilot, downplaying the cost impact on his company; and Brian O'Hara, president and CEO of XL Capital Ltd, voicing criticism.
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