An influential Washington think tank's global financial reform report with recommendations for an examination of fair value accounting has drawn support from the Group of North American Insurance Enterprises.

In reacting to the study released last week by the Group of Thirty steering committee headed by former Federal Reserve Chairman Paul A. Volcker, an economic advisor to President Obama, GNAIE said it has also advanced its own principles-based solution to issues created by fair value accounting.

Part of the report stirred controversy by calling for installation of a national regulator for insurance and banking in nations like the United States where no such regulator exists.

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