Boston--A new trade group study suggesting that greater financial disclosure by small insurers may be burdensome and unneeded is flawed and missing data, according to a leading insurance regulator and a consumer advocate.
They said the study that puts a $300 million price tag on what it would cost a mutual insurer to satisfy new disclosure requirements fails to present a proper picture of the effect of mutual insolvencies.
The cost benefit study regarding implementation of components of the Sarbanes-Oxley Act of 2002 was released by the National Association of Mutual Insurance Companies, Indianapolis, as regulators meeting here for the summer meeting of the National Association of Insurance Commissioners were due to discuss changes to the Model Audit Rule (MAR).
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