The Sarbanes-Oxley (SOX) Act, implemented in 2002, came in response to a wave of corporate scandals, such as Enron and WorldCom, which raised concerns about the integrity of the accounting information provided to the public.

Distrust of Corporate America was at an all-time high—and the insurance industry was most certainly not immune from the public’s ire. According to Edelman’s 2011 Trust Barometer, among 13 major industries, the insurance sector consistently ranks near the bottom in terms of consumer trust; almost two-out-of three Americans said they don’t trust insurers “to do what is right.”...

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