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Mutuals Give Reporting Requirements Thumbs Down

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

By Steven Tuckey | Updated on June 18, 2006

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.

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 involving publicly-held companies.

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