SEC And Insurance Departments Collaborate On Company Exams
By
The Securities and Exchange Commission is participating with state insurance departments in collaborative joint examinations of companies that are focusing on how consumer information is protected, according to interviews.
The SEC has worked with the Nebraska and Texas insurance departments, and possibly the New York department. However, at press time, the New York department could not confirm a joint effort with the SEC. The SEC declined comment.
In Nebraska, Director Tim Wagner says a regularly scheduled market conduct examination was conducted on Mutual of Omaha Insurance Company, Omaha, Neb. Regularly scheduled exams are done every four years. They differ from targeted exams undertaken if a specific problem arises.
Jim Nolan, a Mutual of Omaha spokesman, says the market conduct examination has not yet been finalized and declined comment.
The exam focused on privacy and the safeguarding of information, according to Wagner. The SEC examined the broker-dealer operations and the department took responsibility for examining insurance operations, he says.
The exam was a collaborative effort with staff from both regulatory entities working on the project at the same time, he adds.
