By Chris Rauber: A new model audit rule for non-publicly traded insurance companies — basically their version of Sarbanes Oxley — takes effect in January for companies with $500 million or more in premium volume. But some big players, including Kaiser Foundation Health Plan, the State Compensation Insurance Fund, Delta Dental of California and affiliates, Fireman’s Fund and the California State Automobile Association, are getting ready early for the new requirements.
The main changes require senior executives to explicitly confirm that their accounting practices are up to snuff and their financial reports accurately reflect reality.
Read complete article Insurers Prepare for SOX-like Audit Rules in 2010
Source: San Francisco Business Times, 10 April 2009. © 2009 American City Business Journals, Inc. and its licensors. All rights reserved.