Nonprofit group formed to cut SOX costs.

The Association of Audit Committee Members Inc., a nonprofit group catering to audit committees and the publicly held companies they monitor, was recently formed.

The group looks to collaborate and exchange information on corporate governance issues. But the main draw of the group may be its quest to lower the cost of director and officer liability insurance premiums for public companies and independent directors.

Frederick Lipman, a securities law expert with law firm Blank Rome LLP, founded the group. Lipman believes that directors and officers liability insurance costs, which can reach into seven figures for medium and large companies, have grown between 30 percent and 200 percent in recent years.