Insurance groups and regulators are expressing cautious optimismthat a new proposal for a model financial accounting disclosurerule will secure backing from both groups.
At issue are efforts by the National Association of InsuranceCommissioners, which held an interim meeting last week inPhiladelphia to craft a measure incorporating pieces of theSarbanes-Oxley Act of 2002 into state regulation.
The NAIC has been laboring for over two years to incorporatepieces of Sarbanes-Oxley into the NAIC's Model Audit Rule. Publiccompanies already comply with Sarbanes-Oxley. Under the proposal,non-public companies would also comply with similarrequirements.
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