Insurers and regulators are still talking about the definition of “small company” in a draft model regulation that could affect insurance company financial reporting standards.[@@]
Officials at the National Association of Insurance Commissioners, Kansas City, Mo., have included an exemption for “small companies” in a provision of the model that would set qualifications for independent certified public accountants.
The provision would determine whether an auditing firm could perform services other than auditing for an auditing client.
The current version of the provision would exempt companies with less than $25 million in annual direct written and assumed premiums from the auditor qualifications provision.