The National Association of Mutual Insurance Companies (NAMIC) said a proposal by regulators to set financial disclosure requirements for mutual insurers still fails to meet the “rationality” test.
At issue are provisions taken from the federal Sarbanes-Oxley Act requirements for publicly-traded companies.
“Fundamentally, regulation should be rational–it should fit the nature and behavior of the regulated entities–and cost no more than is necessary for that goal. This proposal fails both tests,” said NAMIC Financial Regulation Manager William D. Boyd. “It was meant for public companies and it simply costs too much.”
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