The Group of North American Insurance Enterprises, which works to influence accounting standards, said it has elected Jerry M. de St. Paer as chairman and treasurer.
Mr. de St. Paer, a senior vice president-finance at American International Group, was elected to his post April 4, GNAIE said. He succeeds Richard J. Carbone, chief financial officer of Prudential Financial.
GNAIE also elected Michael E. Sproule, New York Life Insurance Company executive vice president and CFO, as vice chairman. Philip V. Bancroft, ACE Limited CFO, was elected secretary.
Mr. de St. Paer said "the next two years will be critical in establishing international accounting and solvency standards that will serve as the foundation of the financial regulation and reporting framework affecting insurance for many years to come."
He said GNAIE will work with U.S. and international standard setters and regulators "to present the perspective of the North American insurance industry in this important global discussion."
Mr. de St. Paer is a member of the Insurance Working Group of the International Accounting Standards Board.
GNAIE said its organization consists of CFOs from "many of the leading global North American insurance companies from the United States, Canada and Bermuda, including life insurers, property-casualty insurers and reinsurers."
The group works with North American and global standard setters, regulators and other industry trade associations to develop insurance accounting standards that are understandable, comparable and reliable, and also supports effective statutory solvency measures that protect the interests of policyholders, encourage competitive insurance markets and ensure the insurance industry's level playing field access to global capital markets.
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