Washington D.C. - The National Association of Insurance Commissioners' (NAIC) plan to apply Sarbanes-Oxley (SOX) corporate disclosure and accounting rules to non-public carriers will take center stage at the National Conference of Insurance Legislators' (NCOIL) Financial Services & Investment Products Committee meeting, which will convene on July 7 from 1:45 to 3:00 p.m., during the NCOIL Summer Meeting in Newport, Rhode Island.
The committee will hear remarks from Douglas Stolte, chair of the NAIC/AICPA Working Group and supporter of the effort, as well as from critics of the initiative. NCOIL strongly opposes implementation of the new SOX-inspired rules. On March 10, 2005, NCOIL President Rep. Craig Eiland, acting on behalf of the full NCOIL Executive Committee, sent a letter to the NAIC objecting to the plan on both substantive and procedural grounds.
Industry groups, including the National Association of Mutual Insurance Companies and the Property Casualty Insurers Association of America, have publicly opposed the new regulations as unnecessary and costly.
Source: The National Conference of Insurance Legislators
