Insurance Accounting Standards Web Site Redesigned to Serve as Central Information Source

New York - The Group of North American Insurance Enterprises (GNAIE) has launched its newly redesigned Web site, http://www.insuranceaccounting.org, to serve as a central source of news, research and analysis on the development of accounting standards for insurance companies."An important part of the GNAIE mission is to communicate effectively with insurers worldwide as well as the U.S. and international accounting standards community. The new Web site is a crucial component of that communications endeavor," says Richard Carbone, chairman of GNAIE, who is CFO of Prudential Financial Inc.

The goal of GNAIE is to influence the development of international accounting standards to ensure that they result in high quality standards that reflect the business model and unique features of insurance contracts. GNAIE also seeks to increase communication between insurers doing business in North America and the International Accounting Standards Board (IASB) and United States Financial Accounting Standards Board (FASB). GNAIE works to meet its goals through modeling of proposed accounting standards, analysis, comment and coordination with various end users of financial reports.

The GNAIE Web site now features an expanded news section, which provides updates on major events in the development of insurance accounting and international convergence. These currently include the development of an international accounting standard for life insurance jointly produced with the leading life insurance companies in Japan and set forth in a new paper, "An International Accounting Standard for Life Insurance."

The latest news from the IASB, FASB and other organizations involved in the development of accounting standards affecting insurance companies is included on the site. In addition, there are new sections for research projects, standards issues and public comments and presentations. The members area features exclusive content for GNAIE member companies, including a calendar that displays and highlights events requesting member attendance.

Source: The Group of North American Insurance Enterprises