When the National Association of Insurance Commissioners approved the Model Audit Rule in 2006—the industry's version of the Sarbanes-Oxley Act for non-public companies—it mandated internal control reviews. For the National Life Group, that meant improvement was needed in its manual processes for accounting review, according to Paul Brissette, director of corporate accounting for National Life.
"Prior to 2007, all of our account reconciliations were done on paper with approval signatures required on the paper copies," says Brissette.
Handling all that paper was a fulltime job for a member of the accounting team, gathering hundreds of accounts, tracking down the required signatures, making copies, and organizing everything into three-ring binders.
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