Why Should You Attend:
The new NAIC Annual Financial Reporting Model Regulation, formerly called the Model Audit Rule has been finalized by the NAIC and is set to be adopted by the various states in whatever manner each state adopts such regulation – by legislative action, regulatory adoption, or other means. Many states will adopt the Model as written while others may choose to modify the Model in some way.
Current regulations require insurers with $1 million or more in written premiums or 1,000 or more policyholders or certificate holders to file audited, annual statutory financial statements with state insurance departments. The National Association of Insurance Commissioners requires insurance companies to incorporate best-practice corporate governance standards and elements that are found within Sarbanes-Oxley. The NAIC hopes to achieve transparency, fraud prevention and restored public confidence in the insurance industry by raising its own level of self-governance with that of SOX. The revisions to the model regulation will become effective for years ending Dec. 31, 2010, pending adoption by individual states.
Program prerequisites – Both educational and experience on subject related to health Insurance
Areas Covered in the Seminar:
Bob Benoit, President of Lord & Benoit, a full service internal controls compliance firm (SOX consulting, NAIC Model Regulation, FDIC, Section 404, GAO, SOX IT) with clients worldwide. The presenter Bob Benoit was contributor to the development of this COSO Monitoring Guidance as a COSO Project Taskforce (the framework used for NAIC Model Regulation compliance). He has also served on the AICPA Peer Review Acceptance Board in MA for 10 years and is the author of the Lord & Benoit Reports, which have been referenced by all of the "Big 4" firms and nearly 200 legal, educational and trade journals around the world. Bob is the first evaluator to use the COSO Guidance for Smaller Public Companies, the inventor of Virtual SOX taught on the AICPA Technology website and research contributor to the SEC Subcommittee, SEC Concept Releases and SEC/PCAOB Internal Control Roundtables.
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