A group of U.S. and Japanese insurers has issued a letter to an accounting standards group outlining what the group feels is the unique features of insurance contracts the board needs to adopt.
U.S. property-casualty, life insurance and reinsurance companies and the four largest life insurance companies in Japan jointly advanced a draft of basic insurance accounting principles to the International Accounting Standards Board (IASB) Insurance Working Group.
The joint statement called the accounting principles a foundation on which the insurance project could build. The principals are still under development.
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