Chicago–A National Association of Insurance Commissioners panel has approved a compromise series of internal control reporting rules for mutual companies patterned after the federal Sarbanes Oxley Act but with significantly reduced regulatory burdens for companies.
Industry and regulators have been working together for more than a year to come up with a plan that would meet regulator solvency concerns, while at the same time providing a less complex system than currently exists for public companies under the 2002 Sarbanes Oxley Act.
Under the compromise proposal company management is required to affirm its responsibility for internal controls, the establishment of those controls and the fact that they are effective.
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