Insurance industry representatives are offering their initial take on how the Financial Accounting Standards Board should go about creating new accounting rules for insurance contracts.

The Norwalk, Conn.-based FASB recently asked for comment, due Nov. 16, which would help it decide whether to work on an insurance policy accounting project either on its own or with the International Accounting Standards Board, London.

Topics that FASB noted in its invitation include accounting for the time value of money and the “unbundling” of insurance components from financing components in insurance contracts.

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