U.S. regulators and insurance trade groups need to focus on new international accounting and solvency standards that are being developed this year, according to an insurance consultant.
Mark Freedman, a principal based in the Philadelphia office of Ernst & Young's insurance and actuarial advisory services practice, said international accounting changes could be in place by 2012, and U.S. insurers need to begin thinking about these changes now.
Mr. Freedman points to several signs that U.S. generally accepted accounting procedures (GAAP) will eventually be replaced by new international standards.
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