NAIC proposes SOX variation for insurance companies.

• Position: National

The National Association of Insurance Commissioners (NAIC) has proposed applying variations of Sarbanes-Oxley to private insurance companies.

The NAIC represents insurance regulators in each state. Kirk Schmidt, director of finance at the Missouri Department of Insurance, said that if approved, the new audit rule would apply to privately held insurance carriers and mutual insurance companies. States will need to decide whether to accept the audit as a statute or a regulation.

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