After two years of spirited debate, the National Association of Insurance Commissioners has given its first green light to a controversial set of new financial reporting requirements for nonpublic insurers patterned after the U.S. Sarbanes-Oxley Act.
Pennsylvania Deputy Commissioner Steve Johnson hailed approval by the NAIC-AICPA Liaison Committee, comparing it to accreditation as well as standardization of statutory accounting processes as major steps in the history of solvency regulation.
Full NAIC approval could come as early as the group's next quarterly meeting in Washington, D.C., June 10-13.
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