Regulators and insurance industry representatives appear close to a compromise on a formula to impose Sarbanes-Oxley Act corporate governance rules on mutual companies.
"We are coming down to the home stretch with this proposal," said David Steier of the Property Casualty Insurers Association of America. "And while work must be done before the solution can be realized, we are pleased with the substantial progress made thus far."
For the past couple of years, the insurance industry has vigorously fought regulators' efforts to impose on mutual companies new reporting rules stemming from the 2002 Sarbanes-Oxley Act.
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