Nonpublic US Insurance Carriers Face Increased Regulation: Will It Protect the Public or Powerbases? : Market Research Report

Nonpublic US Insurance Carriers Face Increased Regulation: Will It Protect the Public or Powerbases?

Published by: TowerGroup

Published: Mar. 24, 2008 - 11 Pages

Report Coverage
Background
NAIC Efforts to Simplify the Regulatory Process: Exhibit 1 US Property and Casualty Insurers' Impairments (1969-2006)
NAIC Expands the Model Audit Rule
2007 Accreditation Standards Under Fire
TowerGroup Analysis: Exhibit 2 US Property and Casualty Insurer Impairments vs. Industry Combined Ratio (1969-2006); Exhibit 3 Reasons for US Property and Casualty Insurers' Impairment (1969-02 vs. 2003-05)
Summary

Abstract

The National Association of Insurance Commissioners (NAIC) has set its sights on extending components of Sarbanes-Oxley regulation to nonpublic companies that were exempted from compliance. The NAIC is attempting to extend the regulation by expanding the requirements of the current Model Audit Rule (MAR). Although the NAIC professes that its motivation is to decrease carrier insolvencies, other entities see this initiative simply as way for the NAIC to further expand its control of the insurance industry. This TowerGroup Research Note reviews the issues behind the push for state adoption of an expanded MAR and recommends a course of action for the insurance industry.

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Nonpublic US Insurance Carriers Face Increased Regulation: Will It Protect the Public or Powerbases?

Table of Contents

Abstract