The National Association of Insurance Commissioners (NAIC) has been studying how portions of the Sarbanes-Oxley Act can be applied to state regulatory reform.The Title IV working group is specifically concerned with what it considers to be inadequate financial reporting under current state laws.
"The old requirement is that insurers have to provide positive assurance of internal controls over financial reporting only when there are significant deficiencies," says Doug Stolte, chair of the working group and deputy commissioner of the Virginia State Commission's bureau of insurance. "Most states have had that rule on the books for 13 or 14 years," he says. "But we'd like a substantive type of audit, and the reporting needs to focus more closely on internal controls."
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