Most carriers are supporting the nation's regulators' latest prescription for mutual company internal control reporting, but the largest mutual insurers trade group is remaining vehement in opposition.
Charles Chamness, chief executive officer and president of the National Association of Mutual Insurance Companies, said even the scaled-down compromise measure approved at the National Association of Insurance Commissioners meeting earlier this week does not "meet the hurdle of cost-effectiveness."
"Our members favor voluntary, common-sense internal controls, but do not support a regulator mandate that can be changed at some later date," Mr. Chamness said.
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