A group representing North American property/casualty insurers has answered a call for comments from the International Accounting Standards Board (IASB) regarding how insurance contracts are valued on carriers’ balance sheets.
In an August 19 comment letter to IASB Chairman Sir David Tweedie, the Group of North American Insurance Enterprises (GNAIE) criticized the Premium Allocation Approach proposed last month in the IASB’s Insurance Contracts Exposure Draft. GNAIE says IASB approach is overly complex and fails to account for short-term insurance contracts properly.
Register or login for access to this item and much more
All Digital Insurance content is archived after seven days.
Community members receive:
- All recent and archived articles
- Conference offers and updates
- A full menu of enewsletter options
- Web seminars, white papers, ebooks
Already have an account? Log In
Don't have an account? Register for Free Unlimited Access