Insurers react to IASB investment-measurement proposal

06/7/2010 | PropertyCasualty360

The International Accounting Standards Board unveiled a proposal that would require insurers and other companies to use fair-value standards for their financial assets and liabilities regarding life insurance and life settlement contracts. A coalition of insurance trade organizations, including PCI, is voicing concerns that the measure could influence accounting rules in the U.S. The groups wrote in a letter to IASB and the Financial Accounting Standards Board that "the proposed single model is neither supported by established actuarial practice nor validated by empirical evidence, but is based instead largely on theoretical hypotheses."

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