IAIS Releases Comments on IASB Discussion Paper–Preliminary Views on Insurance Contracts

The International Association of Insurance Supervisors (“IAIS”) today released its comments on the International Accounting Standards Board (“IASB”) Discussion Paper: Preliminary Views on Insurance Contracts.

To view those comments, preceded by a transmittal letter to Sir David Tweedie, Chairman of the IASB, click here.

To review the Discussion Paper, click here for Phase I and here for Phase II.

Citing a “keen interest” in the work of the IASB and its proposals, the IAIS states that those proposals will “most influence the overall accounting model for regulated insurance enterprises in the interest of providing a meaningful, economically sound portrayal of these enterprises to the external markets.”

In particular, the IAIS states that Phase II of the Insurance Contracts Project is of crucial interest to the insurance industry and insurance supervisors.

Underscoring the importance of this project to the IAIS, in 2005 and 2006, it provided two sets of observations on Phase II issues as input.

In a number of areas, the IAIS response draws upon positions previously discussed in earlier papers. These and other prior IAIS stated positions on valuation have also been consolidated in a summary of IAIS positions on the valuation of technical provisions, which can be accessed by clicking here.

 

Should you have any comments or questions, please do not hesitate to contact this office.