WASHINGTON, D.C.–Opponents of the new financial reporting requirements for mutual companies approved at the National Association of Insurance Commissioners summer meeting here said the measure will face tough sledding in the states over the coming years.
On Sunday the insurance commissioners approved a series of auditor independence and internal control assessment measures patterned after the Sarbanes-Oxley Act, passed in 2002 in the aftermath of several high profile corporate failures and scandals.
Regulators have sparred with the insurance industry over the need for such measures, with regulators saying they are required to provide a level of comfort to ensure financial stability, and carriers calling them costly, duplicative proposals and good examples of regulation gone awry.
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