"No more easy money for criminals, just hard time." With those words, President George Bush signed into law the most sweeping corporate reform legislation since the New Deal of the 1930s.Under the new law, the stakes for white-collar crime have increased dramatically, with the CEOs and CFOs of America's corporations now required to attest under oath to the accuracy of their financial statements under the threat of million-dollar fines and prison sentences.
Insurers are not immune to this increased scrutiny by financial regulators and investors. Carriers need to create world-class finance organizations, adopt trustworthy accounting processes and provide real-time financial data to CEOs and CFOs, and to interested parties outside the corporate walls.
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