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.

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