ACLI Board Makes SOX Proposal

The American Council of Life Insurers has come up with an alternative proposal for regulators who want to include provisions of the Sarbanes-Oxley Act of 2002 in state insurance regulations.[@@]

Officials at the National Association of Insurance Commissioners, Kansas City, Mo., are working on amendments to the NAIC Model Audit Rule in an effort to include the same kinds of internal control and reporting requirements included in SOX.

Property-casualty insurance groups, including the National Association of Mutual Insurance Companies, Indianapolis, and the Property Casualty Insurers Association of America, Des Plaines, Ill., are expressing concern about the proposed changes.

The board of the ACLI, Washington, has developed a proposal that includes the following points:

- Current SEC registrants will be required to perform little, if any, additional work.

- Insurers will face no requirement for an external audit.