Reinsurers Praise FASB Decision
The Group of North American Insurance Enterprises (GNAIE) — an association representing the chief financial officers of major life, property/casualty and reinsurance companies in Bermuda, Canada, and the United States — commended the Financial Accounting Standards Board (FASB) on a decision today [Feb. 9] to work with the International Accounting Standards Board (IASB) on a single, high quality, converged accounting standard for insurance contracts.
“GNAIE welcomes the FASB’s adoption of a convergence agenda for the insurance accounting project as a major step forward in the successful development of a single, global high quality accounting standard,” said Jerry de St. Paer, executive chair of GNAIE.
He noted that GNAIE had expressed its support last year for the FASB’s circulation of a discussion paper on accounting for insurance contacts as the best way to resolve issues that divide accounting standard setters, in contrast to the IASB’s issuance of an exposure draft, which is usually required to be a near final standard.
De St. Paer also reaffirmed GNAIE’s support of both board’s decision to extend their June 30, 2011 deadline to December 31, 2011 for many projected standards in order to assure a sound deliberative process.
To work with international accounting and solvency standards setters and stakeholders to ensure robust, high quality standards for insurance enterprises.
