Under the gun : Sarbanes-Oxley compliance requires significantly more investment than public insurers anticipated. Now mutuals may have to comply as well

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<subTitle>: Sarbanes-Oxley compliance requires significantly more investment than public insurers anticipated. Now mutuals may have to comply as well</subTitle>
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<abstract>As publicly traded insurance companies comply with the corporate governance mandates of the Sarbanes-Oxley Act of 2002, lessons learned along the way might benefit mutual insurers, should they be required at some point to comply. Insurers that are well along the road to compliance have found that implementation costs exceed their initial estimates. A recent study by Financial Executives International found companies'total costs for first-year Section 404 compliance averaged 4.36 million dollars, up 39% from the 3.14 million dollars they expected to pay, based on an earlier study</abstract>
<note type="statement of responsibility">by Eleanor Barrett</note>
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<text>June 2005 ; p. 37-40</text>
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