Regulators put off final approval of a provision to impose Sarbanes-Oxley reporting requirements on mutual companies at a key committee hearing yesterday.
Members of the National Association of Insurance Commissioners Financial Condition Committee set tentative plans to vote on the measure May 18, if the proposed changes could be drafted by then.
The planned amendments to the Model Audit Rule would set new reporting requirements on internal controls, as well as new rules on the number of independent directors a mutual company must have on its board.
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