New Requirements For Audit Committees Of Texas Insurers
April 5, 2012, 3:41 PM EDT
Law360, New York (April 5, 2012, 3:41 PM EDT) -- In 2010, the Texas Department of Insurance adopted a regulation concerning the independent audits of financial statements of insurers and health maintenance organizations (referred to herein collectively as “insurers”). While the regulation was passed over a year ago, it had a phase-in transition period and is now starting to impact Texas domestic insurers and their corporate governance structure.
Texas Insurance Code Chapter 401 had already required an annual audit of the financial statements of each insurer, subject to certain specified requirements and exemptions. The provisions of...