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INSURANCE TRADE GROUPS ASK IASB TO REVISE INSURANCE GUIDANCE.

Seven insurance trade organizations wrote the International Accounting Standards Board last week asking it to amend its proposed insurance guidance to be in accordance with accounting rules throughout the world for publicly traded companies.

They questioned whether it made sense to measure insurance assets and liabilities at fair value and said they were concerned about the apparent spread of fair value accounting to areas they consider impractical and misleading.

"Because of the long-term nature of many insurers' assets and liabilities and the enormous complexities involved in discounting insurance liabilities, this accounting model would mislead policyholders, potential customers, investors, regulators and others about a company's true value," said Stephen Broadie, assistant vice president of financial legislation and regulation for the National Association of Independent Insurers.

In addition to NAII, the letter was signed by the American Council of Life Insurers, the Austrian Insurance Association, the German Insurance Association, the Life Insurance Association of Japan, the National Association of Mutual Insurance Companies and the Reinsurance Association of America.
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Publication:Liability & Insurance Week
Date:Nov 9, 2003
Words:166
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