NAMIC's vigorous and principled opposition to the National Association of Insurance Commissioners' effort to extend Sarbanes-Oxley Act Section 404 content on internal control to nonpublic insurers has worked. Under a new proposal, most will be spared increased audit burdens while first-year compliance costs for nonpublic companies that are affected will be slashed by an estimated $220 million.
Despite these improvements and the fact that many in the insurance industry have endorsed the revised plan, the National Association of Mutual Insurance Companies' leadership recently voted unanimously to oppose it. Why?
NAMIC's opposition continues to be both principled and practical:
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