NU Online News Service, June 15, 2:27 p.m. EDT
MINNEAPOLIS–A sentence in the implementation guide of the National Association of Insurance Commissioners' (NAIC) proposed Model Audit Rule has been altered to clear up responsibility for auditing insurance company subsidiaries.
Industry representatives defined as interested parties wrote a letter to the NAIC/American Institute of Certified Public Accountants (AICPA) Working Group noting the implementation guide contained language that conflicted with the Model Audit Rule.
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