Carbone To Head Accounting Standards Group
NU Online News Service, April 11, 1:05 p.m. EST?The Group of North American Insurance Enterprises (GNAIE), an accounting standards group, said it has elected Richard J. Carbone as chairman.[@@]
Mr. Carbone is Prudential Financial's chief financial officer. Elected as GNAIE vice chairman was Jerry M. de St. Paer, XL Capital Ltd. executive vice president and CFO.
Jay M. Matalon, ACE Ltd. vice president and manager of accounting standards, continues as secretary, and Henry Siegel, New York Life Insurance Company vice president, as treasurer.
GNAIE describes itself as the only trade association which focuses exclusively on financial reporting issues with a goal of influencing international accounting to ensure high quality accounting standards for insurance companies.
To that end the group works to increase communication between insurers doing business in North America and the International Accounting Standards Board (IASB) and the United States Financial Accounting Standards Board (FASB).
The group does modeling of proposed accounting standards, analysis, comment and coordination with various end users of financial reports.
GNAIE has released two research studies on accounting: "A Study on the Impact of Fair Value on Property and Casualty Insurers," by Ernst & Young, and "Development of Alternative Accounting Methodology for Life Insurance and Similar Products," prepared by Watson Wyatt.
GNAIE members include companies that are the largest global providers of insurance and substantial multinational corporations.
Additional information on the association can be found on the GNAIE website, http://www.gnaie.net.
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