Life insurers oppose IASB's proposed rule for insurance contracts

Four large life insurers -- Manulife Financial, MetLife, New York Life Insurance and Prudential Financial -- oppose part of the International Accounting Standards Board's proposed global accounting rules for companies that offer insurance contracts. The life insurers take issue with the requirement to value assets and liabilities based on current market prices because they argue that mark to market doesn't make sense here as the policies are paid out years after they are sold.

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