The National Association of Insurance Commissioners Financial Condition Committee yesterday approved measures requiring that mutual companies be subject to new Sarbanes-Oxley reporting requirements.
The planned amendments to the Model Audit Rule would set new reporting requirements on internal controls, as well as new rules on the number of independent directors a mutual company must have on its board.
Most of the insurance industry, with the exception of the National Association of Mutual Insurance Companies, has supported a model reached after two years of compromise efforts with the regulators.
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