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All insurers required to submit SEC certifications did so on time. (Briefing).

Top executives at all 45 insurance companies on the U.S. Securities and Exchange Commission's list to certify the accuracy of their financial statements filed the documents on time, according to the SEC Web site and statements from the companies.

The SEC ordered the chief executive officers and chief financial officers of 947 companies with revenue of more than $1.2 billion--45 of which are insurance companies--to certify by Aug. 14 that their most recent 10-K and subsequent 10-Qs, 8-Ks and proxy statements filed with the commission were correct. If the companies hadn't made filings in compliance with federal securities laws, they're required to provide the correct information and an explanation of why statements were incorrect.

Although global insurance broker Willis Group Holdings Ltd. isn't required to file the certification, the company said its CEO and CFO voluntarily certified the company's 2001 Form 20-F and its first- and second-quarter earnings in 2002, saying officials have an obligation to shareholders.

Several other insurers also voluntarily signed the sworn statements, such as Ambac Financial Group Inc., Commerce Group Inc. and offshore companies that are exempt, including Ace Ltd. and Everest Re Group Ltd.

The certifications didn't seem to have a uniform effect on insurers' stock prices the day after the deadline. On the afternoon of Aug. 15, Anthem Inc.'s stock price was down 3.05% from the previous close to $59.99 a share; Aetna Inc.'s stock was down 0.83% to $44.18 a share, and John Hancock Financial Services Inc.'s stock was down 2.27% to $30.59 a share.

But MetLife Inc.'s stock was up 0.71% from the previous close to $27 a share; Citigroup Inc.'s stock was up 0.77% at $35.51 a share, and Berkshire Hathaway Inc.'s stock was up 1.91% to $74,800.
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Title Annotation:U.S. Securities and Exchange Commission; accuracy of financial statements
Comment:All insurers required to submit SEC certifications did so on time. (Briefing).(U.S. Securities and Exchange Commission; accuracy of financial statements)
Publication:Best's Review
Article Type:Brief Article
Geographic Code:1USA
Date:Sep 1, 2002
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