A group of U.S. and Japanese insurers has issued a letter to an accounting standards group outlining what the group feels is the unique features of insurance contracts the board needs to adopt.
U.S. property-casualty, life insurance and reinsurance companies and the four largest life insurance companies in Japan jointly advanced a draft of basic insurance accounting principles to the International Accounting Standards Board (IASB) Insurance Working Group.
The joint statement called the accounting principles a foundation on which the insurance project could build. The principals are still under development.
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
