When state insurance regulators meet in mid-June to discuss incorporating elements of the Sarbanes-Oxley Act of 2002 in a model audit rule that is in place in 39 states, two of three pieces under discussion will be moving toward completion.

Recent discussions regarding Titles II and III potential changes, auditor independence and corporate governance, respectively, have resulted in changes that could be incorporated into draft revisions of the Model Regulation Requiring Annual Audited Financial Statements, also called the Model Audit Rule. MAR is a model of the National Association of Insurance Commissioners, Kansas City, Mo., which will be holding its summer national meeting June 11-14.

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