The Property Casualty Insurers Association of America (PCI) conducted a “mini-seminar” on the impact of the Sarbanes-Oxley Act of 2002 for its member companies on Tuesday.
“The seminar’s purpose was to educate members about compliance issues presented by the Act, as well as to discuss proposals to extend its requirements to insurers that are not now subject to Sarbanes-Oxley,” said Stephen Broadie, PCI assistant vice president-financial. “In addition to the information we provided to our members, we have cautioned them to also obtain legal advice and interpretations from their own company attorneys.”
PCI is opposing a proposal before the National Association of Insurance Commissioners (NAIC) to include a number of the Act’s requirements in the NAIC’s Model Audit rule. Broadie provided a report on that proposal.
The program also included an overview presentation on the Act by Thomas Hrdlick of Foley & Lardner and featured a panel discussion on compliance from different perspectives moderated by Broadie with participants from the Erie Insurance Group, PricewaterhouseCoopers and LeBoeuf, Lamb, Greene and MacRae.
The panel focused on the Act’s requirement that company management report on the effectiveness of their internal controls over financial reporting and the auditor’s validation of the report, as well as the Act’s requirements dealing with the audit committees in company boards of directors.
PCI regularly hosts educational and informational seminars thoughout the year for its members on an “as needed basis.” Approximately 100 companies representatives participated in the mini-seminar on Sarbanes-Oxley.
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