The insurance industry is urging international insurance supervisors to take a number of steps as they develop global insurance standards including looking at what it would take to fulfill a contract rather than assign a fair value to securities.
The Group of North American Insurance Enterprises, New York, made its case during Wednesday's meeting of the International Association of Insurance Supervisors' insurance contracts subcommittee in Basel, Switzerland.
The International Accounting Standards Board, London, and the Financial Accounting Standards Board, Norwalk, Conn., are working on a joint effort to come to consensus on the issue. The accounting bodies are expected to consider the issue during the week of Feb. 15.
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