NAIC Audit Survey

Why is the NAIC's new Model Audit Rule important to my business?

The National Association of Insurance Commissioners’ (NAIC) Annual Financial Reporting Model Regulation (Model Audit Rule) will impact some private insurers as early as 2010. It is designed to promote greater accuracy and consistency in financial reporting. Many aspects of the Model Audit Rule – in particular, its provisions regarding internal control over financial reporting (ICFR) - evoke comparisons to the Sarbanes-Oxley Act of 2002.

Take the following survey to assess your organization's readiness for Model Audit Rule compliance:


  1. We know whether or not our annual premium totals require us to comply with the Model Audit Rule in the near future. Yes No Somewhat
  2. We have researched state-specific laws and regulations as they relate to Model Audit Rule implementation. Yes No Somewhat
  3. We have a sufficient number of independent members on our audit committee, as required by the Model Audit Rule. Yes No Somewhat
  4. We have determined which processes and transactions have a significant impact on statutory financial reporting. Yes No Somewhat
  5. We have evaluated whether any unacceptable risks exist. Yes No Somewhat
  6. We have designed and implemented controls to mitigate any unacceptable risks. Yes No Somewhat
  7. We know what items or issues must be addressed in management's ICFR report. Yes No Somewhat