NEW YORK, June 4 /PRNewswire/ — The Group of North American Insurance Enterprises (GNAIE), an association representing the Chief Financial Officers of major life insurance companies in Bermuda, Canada, and the United States, joined with four other insurance industry trade associations based in North and South America, representing substantially all of the North American and Chilean property and casualty business, to urge the International Accounting Standards Board (IASB) to reconsider its decision to apply a single measurement model to both life and non-life insurance contracts and instead utilize the existing global accounting standard for non-life contracts which they said currently facilitates the timely, transparent conveyance of critical information to investors and other financial statement users.
North Insurance Industry Urges IASB to Reconsider Single Accounting Model for Life and Non-Life Insurance Contracts.
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