U.S. insurers are fearful that an international regulatory group is moving to develop worldwide accounting standards with ill-considered speed, an executive for a North American trade group said.
In reaction they plan to voice their concerns at the summer meeting of the National Association of Insurance Commissioners next week in hopes the NAIC will slow the activity by their colleagues at the International Association of Insurance Supervisors, according to Douglas Barnert.
Mr. Barnert, executive director of the Group of North American Insurance Enterprises based in New York, said what is at issue is a paper dealing with accounting standards being developed by the supervisors group in Basel, Switzerland.
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