The apparent opposition of two key federal lawmakers to extending Sarbanes-Oxley corporate disclosure rules to non-public insurance companies has not deterred the National Association of Insurance Commissioners from pursuing that goal, it was learned.
That position was made clear in a Sept. 21 letter, written by NAIC President Diane Koken, the Pennsylvania insurance commissioner, in a response to the two congressmen. The letter was given to National Underwriter by an industry source.
Reps. Michael Oxley, R-Ohio, and Richard Baker, R.-La., in an Aug. 9 letter to Ms. Koken had urged the NAIC to seriously consider the ramifications of imposing Sarbanes-Oxley reporting requirements on non-public companies.
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