Ft. Lauderdale, Fla.–A resolution vigorously opposing regulators' efforts to impose Sarbanes-Oxley reporting requirements on mutual insurance companies won preliminary approval today from a National Conference of Insurance Legislators committee.
North Dakota State Rep. George Kaiser, R-Bismarck, author of the resolution, said the new requirements, proposed by the National Association of Insurance Commissioners, are an “effort to impose a solution for something for which there is not a problem.”
The measure was passed despite efforts of industry and regulatory representatives to respect the NAIC compromise that has been worked out over the past year that would take some of the sting out of the original reporting proposal.
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