North American insurers called on the Financial Accounting Standards Board (FASB) to consider two separate models for insurance contracts: one for short-duration non-life contracts and another for long-duration life contracts. The request relates to insurers’ investor concerns over proposed modifications to those accounting standards.
In a September 6 letter to FASB chairman Leslie Seidman, the Group of North American Insurance Enterprises (GNAIE) said investors are satisfied with the current measurement and reporting of short-duration non-life insurance contracts but generally oppose proposals to introduce explicit risk adjustments, discounting and new eligibility requirements.
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