Insurer Groups Push for Changes To Accounting Standards Proposal
Seven U.S., European and Japanese insurer trade groups, while generally supporting the adoption of international accounting standards for the insurance industry, want significant changes to the draft proposal currently on the table.
On Oct. 31, the trade groups sent a letter to the London-based International Accounting Standards Board to amend its Exposure Draft 5, Insurance Contracts (also known as Phase I of the Insurance Contract Accounting project), according to a statement issued by the Des Plaines, Ill.-based National Association of Independent Insurers.
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