Carbone To Head Accounting Standards Group

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NU Online News Service, April 11, 1:05 p.m.EST?The Group of North American Insurance Enterprises(GNAIE), an accounting standards group, said it has elected RichardJ. Carbone as chairman.[@@]

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Mr. Carbone is Prudential Financial's chief financial officer.Elected as GNAIE vice chairman was Jerry M. de St. Paer, XL CapitalLtd. executive vice president and CFO.

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Jay M. Matalon, ACE Ltd. vice president and manager ofaccounting standards, continues as secretary, and Henry Siegel, NewYork Life Insurance Company vice president, as treasurer.

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GNAIE describes itself as the only trade association whichfocuses exclusively on financial reporting issues with a goal ofinfluencing international accounting to ensure high qualityaccounting standards for insurance companies.

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To that end the group works to increase communication betweeninsurers doing business in North America and the InternationalAccounting Standards Board (IASB) and the United States FinancialAccounting Standards Board (FASB).

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The group does modeling of proposed accounting standards,analysis, comment and coordination with various end users offinancial reports.

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GNAIE has released two research studies on accounting: "A Studyon the Impact of Fair Value on Property and Casualty Insurers," byErnst & Young, and "Development of Alternative AccountingMethodology for Life Insurance and Similar Products," prepared byWatson Wyatt.

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GNAIE members include companies that are the largest globalproviders of insurance and substantial multinationalcorporations.

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Additional information on the association can be found on theGNAIE website, http://www.gnaie.net.

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