A Connecticut regulator said he believes that the NationalAssociation of Insurance Commissioners will not be able reach aconsensus on more specific accounting standards for finitereinsurance transactions.
Instead, some form of "best practices" could serve as detailedguidance for reinsurance accounting in the near term whilepolicymakers hash out more final solutions, according to JohnPurple.
Mr. Purple, who serves as chief actuary for the ConnecticutDepartment of Insurance as well as chair of the NAIC CasualtyActuarial Task Force, said it appeared highly unlikely thestatutory accounting rules could be revised by year's end toquantify risk transfer in finite reinsurance contracts.
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