Model Audit Rule for Insurance Companies Effective in 2010

Sponsored By Brown Smith Wallace LLC

Topics:

Compliance & Governance > Sarbanes-Oxley

Finance & Risk Management > Insurance

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Abstract:

In 2010, non-public insurers will be held to a new level of accounting practices. In light of corporate scandals, the National Association of Insurance Commissioners (NAIC) spent the last five years amending the Model Audit Rule (MAR) to improve transparency and tighten internal controls. Once the MAR is adopted by a state, privately held insurance companies will be required to abide by these new standards, addressing corporate governance and financial accountability, before the end of next year. A successful implementation of the MAR requires careful planning, allowing enough time to resolve deficiencies and mitigate risks.

DETAILS

Sponsored by: Brown Smith Wallace LLC

Released: April 27, 2009

Length: 6 pages

Format: PDF (250 kb)

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