Mutual Insurers Resist SARBOX-Like Mandate
For more than a year, the National Association of Mutual Insurance Companies has contended that efforts by insurance regulators to transfer elements of the federal Sarbanes-Oxley law to insurance solvency regulation are misguided. Working doggedly to fit a square peg into a round hole, solvency regulators have greeted our pleas with a collective shrug of indifference.
But the dynamic changed in early March. Thats when the executive committee of the National Conference of Insurance Legislators unanimously directed its president, Texas Representative Craig Eiland, D-Galveston, to write a letter to the National Association of Insurance Commissioners opposing the initiative on both substantive and procedural grounds.
Applying rules to non-public insurance companies that were designed by Congress to protect public company shareholders will benefit no one, the letter declares.
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