Few U.S. companies will escape the fallout from the recent financial scandals in corporate America. One outcome of the well-publicized corporate debacles is the Sarbanes-Oxley Act of 2002, requiring CEOs and CFOs of public companies to attest to the integrity of the company's financial statements.In a heavily regulated industry, such as insurance, this increased scrutiny just adds to the already daunting financial reporting burden.
However, an emerging data standard-XBRL for Insurance-offers carriers the opportunity to streamline financial reporting through a standard framework for the representation of business and financial data for use over the Internet.
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