U.S. insurers need to pay attention overseas as efforts to standardize accounting methods heat up, an industry expert is warning.
As the International Accounting Standards Board (IASB) releases its Discussion Paper on Phase II of the Insurance Accounting Project, European insurers face the challenge of implementing new regulations on systems, data, pricing and capital management, said Rick Lynch of Ernst & Young's Global Insurance Centre.
European-owned or not, Mr. Lynch said, with a good part of the industry applying these principles, there will be a domino effect as International Financial Reporting Standards efforts in Europe become more standardized and raise the bar for the whole industry.
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