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State regulators considering new internal accounting controls for mutual insurers have failed to heed the advice of two key congressmen, according to the National Association of Mutual Insurance Companies (NAMIC).

U.S. Reps. Michael Oxley, R-Ohio, and Richard Baker, R-La., in a letter last September to former National Association Of Insurance Commissioners (NAIC) President Diane Koken said benefits to policyholders must be established before the states go about applying any reporting requirements of the federal Sarbanes-Oxley Act regulating financial and accounting disclosure.

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