With the upcoming January 2010 effective date fast approaching for the revised Model Audit Rule (MAR), insurance departments nationwide appear to be on track to unanimously adopt this set of regulations.
MAR is designed to ensure that insurance companies identify and test key controls over financial reporting and submit, annually, to the department of insurance of the state in which they are domiciled a report of the effectiveness of theses controls.
While complying with MAR is a substantial undertaking that spans multiple disciplines within an organization, there are benefits to be realized beyond just compliance.
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