Nearly 16 months after Congress passed the Sarbanes-Oxley corporate governance reform act, insurance industry executives are still coming to grips with the full ramifications of the measure-and with possible tech solutions that will keep them in compliance.Named after Sen. Paul Sarbanes, D-Maryland, and Rep. Michael Oxley, R-Ohio, the legislation was passed in the wake of the Enron and WorldCom scandals that threatened to shake the confidence of investors.
The law, which affects all publicly traded companies in the U.S., is intended to improve corporate responsibility, increase public disclosure, improve the quality and transparency of financial reporting and auditing, and strengthen penalties for securities fraud and other violations. Under the law, CEOs and CFOs are required to sign statements verifying the completeness and accuracy of their financial reports.
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