NU Online News Service, Aug. 25, 3:45 p.m. EDT
A group that represents North American chief financial officers of insurers and reinsurers said the International Accounting Standards Board (IASB) has proposed an "excessively complex" model regarding how certain short-term contracts are valued on insurers' balance sheets.
A draft of the Premium Allocation Approach circulated by the IASB failed in its attempt to establish a simplified model because the same rules cannot be applied to life and non-life companies, said the Group of North American Insurance Enterprises (GNAIE) in an Aug. 19 letter to the IASB.
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