Insurance regulators continue to talk about ways to put new internal control testing and reporting requirements in the National Association of Insurance Commissioners’ Model Audit Rule.[@@]
Efforts to update the NAIC’s Model Audit Rule could surface in June, when regulators head to Boston for the Kansas City, Mo., group’s summer meeting.
One subgroup attached to the NAIC/American Institute of Certified Public Accountants working group recently held an interim meeting to review changes to Title IV of the Model Audit Rule. Those changes, based on provisions of the Sarbanes-Oxley Act of 2002, could require insurance company managers to attest to the soundness of internal controls.
The NAIC/AICPA working group also is organizing a conference call to talk about proposed changes to Title I and Title II of the Model Audit Rule. Those changes could add provisions aimed at increasing auditor independence and improving corporate governance.