An organization of major life and property/casualty insurers and reinsurers has asked the Securities and Exchange Commission (SEC) to delay the approval of a Memorandum of Understanding (MOU) on the creation of an International Accounting Standards Committee Foundation Monitoring Group (IASCF), calling for more transparency, inclusiveness and accountability.
"An MOU agreement signed by the IASCF should be with a transparent, inclusive group structured and empowered to actually resolve the issues inherent in the need for public accountability," said Jerry de St. Paer, executive chairman of the Group of North American Insurance Enterprises (GNAIE).
In a February 5 letter to SEC chair Mary Schapiro, de St. Paer said SEC approval of the memorandum with the Monitoring Group was premature until several critical issues had been addressed.
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