Industry groups spar over audit proposal: Using parts of Sarbanes-Oxley Act to toughen financial reporting would be costly, unnecessary, NAMIC says
Insurance groups are choosing sides in a brewing battle over whether private insurance companies should be forced to adopt elements of the controversial Sarbanes-Oxley Act. The Kansas City-based National Association of Insurance Commissioners has proposed adding parts of the 2002 federal legislation to its audit rules. Public companies are already required to follow the Sarbanes-Oxley Act, which imposes stricter financial disclosure rules. The NAIC represents insurance regulators from all 50 states and is working jointly on the amendment with the…