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Report IDs Material Weaknesses in ICFR Among Insurers

Melissa Klein Aguilar | June 29, 2009

Executives at non-public insurance companies preparing to comply with the industry's version of Sarbanes-Oxley Section 404 may be able to learn something from their pubic-company counterparts.

A new report published by internal controls consulting firm Lord & Benoit and based on data from Audit Analytics identifies the material weaknesses in internal controls over financial reporting at 415 publicly held insurance companies during a five-year period.

The findings may be of interest to non-public insurance companies preparing for the National Association of Insurance Commissioners' new Annual Financial Reporting Model Regulation, which takes effect Jan. 1, 2010.

The regulation requiring annual audited financial reports, commonly known as the Model Audit Rule, was amended in 2006 to require all insurance companies to have audit committees with a...

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