London — The global insurance industry offers the International Accounting Standards Board (IASB) support for the development of a high-quality global insurance standard, according to a report issued today by New York-based Ernst & Young, but not without some publicized caution and concern.

The report summarizes more than 158 letters written in response to the issues presented by the IASB’s discussion paper (DP), “Preliminary Views on Insurance Contracts,” which were posted to the IASB’s Web site, some running from five to 50 pages each.

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