Boston--A new trade group study suggesting that greaterfinancial disclosure by small insurers may be burdensome andunneeded is flawed and missing data, according to a leadinginsurance regulator and a consumer advocate.
They said the study that puts a $300 million price tag on whatit would cost a mutual insurer to satisfy new disclosurerequirements fails to present a proper picture of the effect ofmutual insolvencies.
The cost benefit study regarding implementation of components ofthe Sarbanes-Oxley Act of 2002 was released by the NationalAssociation of Mutual Insurance Companies, Indianapolis, asregulators meeting here for the summer meeting of the NationalAssociation of Insurance Commissioners were due to discuss changesto the Model Audit Rule (MAR).
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