Members of the International Association of Insurance Supervisors are developing their organization’s response to efforts to update international accounting standards for insurance contracts.
A contracts subcommittee of the IAIS, Basel, Switzerland, session, held a full-day discussion on international standards recently during the spring meeting here of the National Association of Insurance Commissioners, Kansas City, Mo.,
The discussion touched on the exit value of liability, as well as on whether standards should treat life insurers and property-casualty insurers differently.
The IAIS held the discussion to talk about efforts by the International Accounting Standards Board, London, to establish international accounting standards.
The Financial Accounting Standards Board, Norwalk, Conn., could decide to incorporate some or all of the IASB’s international standards in its Generally Accepted Accounting Principles reporting requirements. That, in turn, could impact U.S. statutory accounting, according to experts following the discussions.