U.S. insurers are asking regulators to ramp up efforts to advocate for American standards as global insurance standards are created.
A call to create a stronger U.S. presence was expressed by both life and property-casualty companies here during the summer meeting of the National Association of Insurance Commissioners, Kansas City, Mo.
The most recent cause for concern was the adoption of an accounting paper by the International Association of Insurance Supervisors, Basel, Switzerland.
In May, the IAIS technical committee published its second set of observations addressing the valuation of insurance liabilities for general purpose financial reporting.
U.S. insurers are arguing the paper needs more work and that it was put out prematurely to meet a proposed year-end deadline for a discussion paper of the International Accounting Standards Board, London.
During the meeting of the International Solvency Initiatives working group, trade groups represented by Steve Broadie, vice president-financial legislation and regulation at the Property Casualty Insurers Association of America, Des Plaines, Ill., presented concerns of industry participants.
In addition to PCI, the trades offering comment were the American Council of Life Insurers, the American Insurance Association, the Reinsurance Association of America, all in Washington; the Group of North American Insurance Enterprises, New York; the National Association of Mutual Insurance Companies, Indianapolis; and Verband der Versicherungsunternehmen ?sterreichs, Vienna.
The U.S. trades have expressed concern that the IAIS paper calls for market consistent valuation of insurance liabilities even though IASB and the Financial Accounting Standards Board, Norwalk, Conn., still are debating the measurement of such liabilities.