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July 28, 2004 at 08:00 PM
Doug Stolte showed some flexibility toward insurers last week during a discussion in Atlanta about a proposed financial reporting standard.[@@]
Stolte is Virginia’s deputy insurance commissioner and chairman of a working group that brings members of the National Association of Insurance Commissioners, Kansas City, Mo., together with members of the American Institute of Certified Public Accountants, New York.
Many members of the working group say that a proposed NAIC Model Regulation Requiring Annual Audited Financial Reports ought to require insurers over a certain minimum size to comply with the Section 404 accounting provisions of the Sarbanes-Oxley Act of 2002.
Congress enacted SOX to require publicly traded companies to meet certain accounting and financial reporting standards.
At an interim working group meeting, Stolte pointed out that privately held banks already have to comply with requirements similar to those included in SOX Section 404, which requires company managers to attest to the adequacy of their companies’ internal controls.
Insurers should not be different from other financial services operations, Stolte said.
