Travelers 2005 Annual Report Download - page 230
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218
Item 9.CHANGES INAND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND
FINANCIAL DISCLOSURE
Not Applicable.
Item 9A. CONTROLS ANDPROCEDURES
The Company maintains disclosure controls and procedures (as that term is defined in
Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (Exchange Act))
that are designed to ensure that information required to be disclosed in the Company’s reports under the
Exchange Act is recorded, processed, summarized and reported within the time periods specified in the
Securities and Exchange Commission’s rules and forms, and that such information is accumulated and
communicated to the Company’s management, including its Chief Executive Officer and Chief Financial
Officer, as appropriate, to allow timely decisions regarding required disclosures. Any controls and
procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving
the desired control objectives. As a result of the merger of SPC and TPC, the Company made a number of
significant changes in its internal controls over financial reporting beginning in the second quarter of 2004
and continuing through2005. The changes involved combining the financial reporting process and the
attendant personnel and system changes. The Company’s management, with the participation of the
Company’s Chief Executive Officer and Chief Financial Officer, has evaluated the effectiveness of the
design and operation of the Company’s disclosure controls and procedures as of December 31, 2005. Based
upon that evaluation and subject to the foregoing, the Company’s Chief Executive Officer and Chief
Financial Officer concluded that the design and operation of the Company’s disclosure controls and
procedures provided reasonable assurance that the disclosure controls and procedures are effective to
accomplish their objectives.
In addition, except as described above, there was no change in the Company’s internal control over
financial reporting (as that term is defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) that
occurred during the quarter ended December 31, 2005 that has materially affected, or is reasonably likely
to materially affect, the Company’s internal control over financial reporting.