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11
The Coming IFRS for The Coming IFRS for Insurance AccountingInsurance Accounting
Michael G. McCarter, FCAS, MAAAMichael G. McCarter, FCAS, MAAAVice President, AIGVice President, AIG
CAMAR, PhiladelphiaCAMAR, PhiladelphiaJune 5, 2008June 5, 2008
22
IntroductionIntroduction
Prelude – the rise of the standards settersPrelude – the rise of the standards setters The perfect storm for international The perfect storm for international
accounting standardsaccounting standards IASB Insurance Contracts Phase IIIASB Insurance Contracts Phase II FASB, the SEC, and youFASB, the SEC, and you EU Solvency II, the IAIS, and the NAICEU Solvency II, the IAIS, and the NAIC Conclusion: Brave new world, or the Conclusion: Brave new world, or the
Emperor’s new clothes?Emperor’s new clothes? A little about GNAIEA little about GNAIE
33
Prelude – the rise of the Prelude – the rise of the standards settersstandards setters
Old style standards setter: FASBOld style standards setter: FASB FASB is delegated its authority to set FASB is delegated its authority to set
standards for U.S. GAAP by the SECstandards for U.S. GAAP by the SEC SEC retains practical authority over SEC retains practical authority over
some significant areas of U.S. GAAPsome significant areas of U.S. GAAP SEC is in Washington, DC and may be SEC is in Washington, DC and may be
influenced by Congress and the influenced by Congress and the PresidentPresident
44
Prelude – the rise of the Prelude – the rise of the standards settersstandards setters
New style standards setter: (surprise) New style standards setter: (surprise) the NAICthe NAIC
The NAIC had no authority to be a The NAIC had no authority to be a standards setter. It is not a regulator, standards setter. It is not a regulator, but a trade association for regulators.but a trade association for regulators.
However, in the accounting codification However, in the accounting codification project it took the status of insurance project it took the status of insurance regulatory accounting standard setter regulatory accounting standard setter from the states who had responsibilityfrom the states who had responsibility
55
Prelude – the rise of the Prelude – the rise of the standards settersstandards setters
The NAIC demonstrates the power of The NAIC demonstrates the power of “agreeing to agree”“agreeing to agree”
It is now the most important U.S. It is now the most important U.S. regulatory accounting standards setterregulatory accounting standards setter
Since it is not a part of government, it Since it is not a part of government, it has problematic standards of due processhas problematic standards of due process
Through the accreditation process, it can Through the accreditation process, it can exercise influence over state exercise influence over state governmentsgovernments
66
Prelude – the rise of the Prelude – the rise of the standards settersstandards setters
Another new style standards setter: Another new style standards setter: the IASBthe IASB
Descended from old IASC founded in Descended from old IASC founded in 1973 (older than FASB)1973 (older than FASB)
No official delegated authority from No official delegated authority from any government (to start with)any government (to start with)
Acted with alacrity to take advantage Acted with alacrity to take advantage of perceived need for international of perceived need for international standardsstandards
77
The perfect stormThe perfect storm
Asian financial crisis 1998Asian financial crisis 1998 Caused G8 to issue ritual call for Caused G8 to issue ritual call for
improved accounting standards and improved accounting standards and reportingreporting
Old IASC recognized an opportunityOld IASC recognized an opportunity Old IASC “standards” merely collected Old IASC “standards” merely collected
more commonly used national options more commonly used national options for various accounting standardsfor various accounting standards
88
The perfect stormThe perfect storm
New IASC project to revise its New IASC project to revise its standards to select the best, standards to select the best, “principles-based” approach“principles-based” approach
Project coincided with EU need for EU-Project coincided with EU need for EU-wide accounting standardswide accounting standards
IASC reorganized itself into the IASB IASC reorganized itself into the IASB to meet U.S. (FASB and SEC) to meet U.S. (FASB and SEC) objections as to its process and objections as to its process and fundingfunding
99
The perfect stormThe perfect storm
Once the IASC/IASB had done what Once the IASC/IASB had done what the U.S. said it should, the U.S. was the U.S. said it should, the U.S. was committed to work with the IASB committed to work with the IASB towards the obvious goal of a single towards the obvious goal of a single world-wide set of high quality world-wide set of high quality accounting standardsaccounting standards
Another example of the power of Another example of the power of “agreeing to agree”“agreeing to agree”
1010
The perfect stormThe perfect storm
EU agrees to adopt IASB IFRS EU agrees to adopt IASB IFRS effective January 1, 2005 (even effective January 1, 2005 (even though no complete set of IFRS though no complete set of IFRS existed when adopted, when existed when adopted, when implemented, or even today)implemented, or even today)
““Norwalk Agreement” in 2002 Norwalk Agreement” in 2002 commits FASB and the IASB to work commits FASB and the IASB to work towards “convergence” of U.S. GAAP towards “convergence” of U.S. GAAP and IFRSand IFRS
1111
The perfect stormThe perfect storm
IASB lauded itself on its “principles-IASB lauded itself on its “principles-based” standards that would not be based” standards that would not be subject to the abuses of the “rules-subject to the abuses of the “rules-based” FASB approachbased” FASB approach
Multiple major projects (Conceptual Multiple major projects (Conceptual Framework, Revenue Recognition, Framework, Revenue Recognition, Financial Statement Presentation) Financial Statement Presentation) amount to re-building car while amount to re-building car while racing around the trackracing around the track
1212
The perfect stormThe perfect storm
Breaking News!Breaking News! FASB, SEC no longer interested in FASB, SEC no longer interested in
“converging” U.S. GAAP and IFRS“converging” U.S. GAAP and IFRS Instead they are working to have the Instead they are working to have the
U.S. adopt IFRS on a date certain, U.S. adopt IFRS on a date certain, probably January 1, 2013probably January 1, 2013
More on this laterMore on this later
1313
IASB Insurance Contracts IASB Insurance Contracts Phase IIPhase II
Old IASC had never completed an Old IASC had never completed an insurance contracts accounting insurance contracts accounting standardstandard
Recognized as a major need, but the Recognized as a major need, but the new IASB could not complete an new IASB could not complete an insurance accounting standard in time insurance accounting standard in time for the EU IFRS implementationfor the EU IFRS implementation
IASB developed IFRS 4 (Insurance IASB developed IFRS 4 (Insurance Contracts Phase I) as a placeholderContracts Phase I) as a placeholder
1414
IASB Insurance Contracts IASB Insurance Contracts Phase IIPhase II
IASB issued “Discussion Paper: IASB issued “Discussion Paper: Preliminary views on insurance contracts” Preliminary views on insurance contracts” in May 2007in May 2007
Comments were due November 16, 2007Comments were due November 16, 2007 FASB also issued the discussion paper FASB also issued the discussion paper
with a “wraparound” asking for with a “wraparound” asking for comments as to whether FASB should comments as to whether FASB should take up the insurance contracts take up the insurance contracts accounting project as wellaccounting project as well
1515
IASB Insurance Contracts IASB Insurance Contracts Phase IIPhase II
Over 160 comment letters filed, many Over 160 comment letters filed, many with serious concernswith serious concerns
Following are some of the major Following are some of the major issues covered by the “DP”issues covered by the “DP”
Note: The “DP” approach is based on Note: The “DP” approach is based on “principles” that have nothing to do “principles” that have nothing to do with the ideas underlying current U.S. with the ideas underlying current U.S. GAAP (or SAP either) for insuranceGAAP (or SAP either) for insurance
1616
IASB Insurance Contracts IASB Insurance Contracts Phase IIPhase II
Measurement of insurance liabilities is to Measurement of insurance liabilities is to be on a “market consistent” basis using a be on a “market consistent” basis using a “current exit value” (CEV) approach“current exit value” (CEV) approach
CEV may not be the same as “fair value”, CEV may not be the same as “fair value”, but to date no difference between CEV but to date no difference between CEV and “fair value” has been identifiedand “fair value” has been identified
CEV based on three “building blocks”: CEV based on three “building blocks”: current estimates, time value of money, current estimates, time value of money, market risk and service marginsmarket risk and service margins
1717
IASB Insurance Contracts IASB Insurance Contracts Phase IIPhase II
Current estimates: explicit, unbiased, Current estimates: explicit, unbiased, market-consistent, probability-weighted market-consistent, probability-weighted current estimate of contractual cash flowscurrent estimate of contractual cash flows
Discount rates based on current market Discount rates based on current market interest rates to apply to these cash flowsinterest rates to apply to these cash flows
Explicit and unbiased estimates of Explicit and unbiased estimates of margins that market participants would margins that market participants would require to bear risk (risk margin) and to require to bear risk (risk margin) and to provide services, if any (service margin)provide services, if any (service margin)
1818
IASB Insurance Contracts IASB Insurance Contracts Phase IIPhase II
Margins are not “entity specific” – they Margins are not “entity specific” – they are to reflect a market participant, not are to reflect a market participant, not the specific insurer being accounted forthe specific insurer being accounted for
Margins reflect the pooling of similar Margins reflect the pooling of similar risks in a portfolio, but not the risks in a portfolio, but not the diversification benefits of other diversification benefits of other portfolios of the insurerportfolios of the insurer
Insurance liabilities should reflect their Insurance liabilities should reflect their own credit standing (as assets) own credit standing (as assets)
1919
IASB Insurance Contracts IASB Insurance Contracts Phase IIPhase II
Question: Liabilities don’t trade – they Question: Liabilities don’t trade – they are settled. Why is “market-consistent” are settled. Why is “market-consistent” a relevant consideration for liabilities?a relevant consideration for liabilities?
Question: There is no benchmark for Question: There is no benchmark for ever verifying the correct “market risk ever verifying the correct “market risk margin” for a liability. How does this margin” for a liability. How does this “mark-to-unverifiable-model” add “mark-to-unverifiable-model” add reliable information for investors?reliable information for investors?
2020
IASB Insurance Contracts IASB Insurance Contracts Phase IIPhase II
Question: Insurers are obliged to settle Question: Insurers are obliged to settle claims in accordance with contract terms. claims in accordance with contract terms. Why should liability valuations be reduced Why should liability valuations be reduced by the “own credit stance” when the insurer by the “own credit stance” when the insurer cannot benefit from that haircut?cannot benefit from that haircut?
Question: If we accept “market consistent” Question: If we accept “market consistent” for argument’s sake, why is no for argument’s sake, why is no diversification credit allowed when markets, diversification credit allowed when markets, rating agencies, and even solvency rating agencies, and even solvency regulators recognize the validity of the regulators recognize the validity of the concept in many circumstances?concept in many circumstances?
2121
IASB Insurance Contracts IASB Insurance Contracts Phase IIPhase II
Question: Why should an insurer use a Question: Why should an insurer use a “market participant” service margin lower “market participant” service margin lower than its actual costs that generates an than its actual costs that generates an artificial day one profit at inception only to artificial day one profit at inception only to reverse as the actual service costs emerge?reverse as the actual service costs emerge?
Question: Why are life and non-life insurance Question: Why are life and non-life insurance presumed to use the same accounting presumed to use the same accounting treatment when no existing accounting treatment when no existing accounting system treats them together and the relative system treats them together and the relative underwriting and investment risks are very underwriting and investment risks are very different?different?
2222
IASB Insurance Contracts IASB Insurance Contracts Phase IIPhase II
Question: Why is the whole discussion Question: Why is the whole discussion focused on balance sheets when focused on balance sheets when management and investors are at least management and investors are at least equally concerned with performance equally concerned with performance measurement (notably for non-life measurement (notably for non-life underwriting results and combined ratios)?underwriting results and combined ratios)?
Question: Why is there no plan for serious Question: Why is there no plan for serious testing of these proposals before simply testing of these proposals before simply requiring them for one of the world’s requiring them for one of the world’s major industries?major industries?
2323
IASB Insurance Contracts IASB Insurance Contracts Phase IIPhase II
Question: Why allow Day One Gains Question: Why allow Day One Gains on insurance contracts when there on insurance contracts when there has been no release from risk and has been no release from risk and the services promised have not been the services promised have not been provided?provided?
Insurance Working Group met in April Insurance Working Group met in April 2008 to begin providing the IASB 2008 to begin providing the IASB with its advice on these questionswith its advice on these questions
2424
IASB Insurance Contracts IASB Insurance Contracts Phase IIPhase II
Industry wants increased field testing Industry wants increased field testing and communicationsand communications
May cause exposure draft to be May cause exposure draft to be pushed from 2009 to 2010 or laterpushed from 2009 to 2010 or later
Comments and final standard 2010 Comments and final standard 2010 or lateror later
Will set insurance reporting Will set insurance reporting framework for decadesframework for decades
2525
FASB, the SEC, and youFASB, the SEC, and you
““I only do business in the U.S., so I I only do business in the U.S., so I don’t have to worry about the IASB don’t have to worry about the IASB IFRS for insurance contracts”IFRS for insurance contracts”
Incorrect. FASB and the SEC are now Incorrect. FASB and the SEC are now working to replace U.S. GAAP with working to replace U.S. GAAP with IFRSIFRS
““But I’m a mutual and don’t use U.S. But I’m a mutual and don’t use U.S. GAAP”GAAP”
What happens to SAP if U.S. GAAP What happens to SAP if U.S. GAAP disappears?disappears?
2626
FASB, the SEC, and youFASB, the SEC, and you
FASB will reduce itself from 7 to 5 FASB will reduce itself from 7 to 5 members as of July 1, 2008members as of July 1, 2008
The FASB Chair will gain agenda The FASB Chair will gain agenda setting authority at that timesetting authority at that time
FASB will decide whether to FASB will decide whether to participate in the Insurance Contracts participate in the Insurance Contracts Phase II project during the third Phase II project during the third quarter of 2008quarter of 2008
The IASB wants FASB’s participationThe IASB wants FASB’s participation
2727
FASB, the SEC, and youFASB, the SEC, and you
SEC Proposed Rule released July 2, 2007SEC Proposed Rule released July 2, 2007 ““Acceptance from Foreign Private Acceptance from Foreign Private
Issuers of Financial Statements Issuers of Financial Statements Prepared in Accordance with Prepared in Accordance with International Financial Reporting International Financial Reporting Standards without Reconciliation to U.S. Standards without Reconciliation to U.S. GAAP”GAAP”
Adopted! Reconciliations no longer Adopted! Reconciliations no longer requiredrequired
2828
FASB, the SEC, and youFASB, the SEC, and you
SEC Concept Release on August 7, 2007SEC Concept Release on August 7, 2007 ““Concept Release on Allowing U.S. Concept Release on Allowing U.S.
Issuers to Prepare Financial Statements Issuers to Prepare Financial Statements in Accordance with International in Accordance with International Financial Reporting Standards”Financial Reporting Standards”
Decision expected in the near futureDecision expected in the near future Might be affected by potential for U.S. Might be affected by potential for U.S.
switch to IFRSswitch to IFRS
2929
FASB, the SEC, and youFASB, the SEC, and you
Semi-annual joint IASB/FASB meeting Semi-annual joint IASB/FASB meeting in April 2008in April 2008
Discussed “mandatory adoption of Discussed “mandatory adoption of IFRS in all major capital markets” by IFRS in all major capital markets” by 20132013
Considered what accounting Considered what accounting standards should be completed standards should be completed before mid-2011 “quiet period” startsbefore mid-2011 “quiet period” starts
3030
FASB, the SEC, and youFASB, the SEC, and you
Most important issues include Revenue Most important issues include Revenue Recognition, Fair Value Measurement, Recognition, Fair Value Measurement, and Financial Statement Presentation and Financial Statement Presentation (not Insurance Contracts)(not Insurance Contracts)
But IASB continues to work on But IASB continues to work on Insurance Contracts project since they Insurance Contracts project since they are in the middle of it and they have are in the middle of it and they have no real current Insurance Contracts no real current Insurance Contracts standardstandard
3131
FASB, the SEC, and youFASB, the SEC, and you
SEC Chair Cox now chairs IOSCO SEC Chair Cox now chairs IOSCO Technical CommitteeTechnical Committee
Developing revised governance Developing revised governance structure for IASB to give worldwide structure for IASB to give worldwide securities regulators (including the securities regulators (including the SEC) a roleSEC) a role
Chairman Cox appears to see Chairman Cox appears to see replacement of U.S. GAAP with IFRS as replacement of U.S. GAAP with IFRS as a major “legacy” of his chairmanshipa major “legacy” of his chairmanship
3232
FASB, the SEC, and youFASB, the SEC, and you
U.S. GAAP likely to be replaced by U.S. GAAP likely to be replaced by IFRS by 2013 (with option for sooner)IFRS by 2013 (with option for sooner)
Most likely there will be a new IFRS Most likely there will be a new IFRS for Insurance Contracts for for Insurance Contracts for implementation by that timeimplementation by that time
If not, EU insurers may develop their If not, EU insurers may develop their own “improved” insurance contracts own “improved” insurance contracts standard for use with Solvency IIstandard for use with Solvency II
3333
EU Solvency II, the IAIS, and EU Solvency II, the IAIS, and the NAICthe NAIC
As the EU adopted (mostly) the IASB’s IFRS to As the EU adopted (mostly) the IASB’s IFRS to unify accounting standards across its unify accounting standards across its member states, it is now adopting the member states, it is now adopting the Solvency II directive to unify insurance Solvency II directive to unify insurance regulationregulation
Solvency II is designed around the three Solvency II is designed around the three pillars of capital requirements, regulatory pillars of capital requirements, regulatory examinations, and disclosure requirements examinations, and disclosure requirements that were pioneered for banks under Basel IIthat were pioneered for banks under Basel II
Solvency II is designed to provide EU insurers Solvency II is designed to provide EU insurers with competitive regulatory advantages over with competitive regulatory advantages over non-EU insurersnon-EU insurers
3434
EU Solvency II, the IAIS, and EU Solvency II, the IAIS, and the NAICthe NAIC
Solvency II has two required capital Solvency II has two required capital calculations, the Solvency Capital calculations, the Solvency Capital Requirement (SCR) and the Minimum Capital Requirement (SCR) and the Minimum Capital Requirement (MCR)Requirement (MCR)
SCR tends to be based on internal models that SCR tends to be based on internal models that use concepts similar to the IASB’s CEV use concepts similar to the IASB’s CEV conceptconcept
SCR is intended to represent the amount of SCR is intended to represent the amount of capital required to make the probability of capital required to make the probability of failure 0.5% or 1 in 200 years.failure 0.5% or 1 in 200 years.
MCR is intended to be a simpler formula MCR is intended to be a simpler formula approachapproach
3535
EU Solvency II, the IAIS, and EU Solvency II, the IAIS, and the NAICthe NAIC
Issue: Should solvency measurements Issue: Should solvency measurements and financial reporting measurements be and financial reporting measurements be the same?the same?
Not necessarily – “different horses for Not necessarily – “different horses for different courses”different courses”
Accounting makes entities comparable Accounting makes entities comparable across industries, while solvency focuses across industries, while solvency focuses on insuranceon insurance
Solvency considers cat exposure, Solvency considers cat exposure, accounting only cats that have happenedaccounting only cats that have happened
3636
EU Solvency II, the IAIS, and EU Solvency II, the IAIS, and the NAICthe NAIC
Issue: Should equally secure insurers be Issue: Should equally secure insurers be treated the same way, no matter where treated the same way, no matter where they are located?they are located?
Yes, if you are interested in market Yes, if you are interested in market competition to serve consumerscompetition to serve consumers
EU Solvency II may disadvantage U.S. EU Solvency II may disadvantage U.S. insurers by claiming U.S. insurance insurers by claiming U.S. insurance regulation does not meet their standardsregulation does not meet their standards
Implication: Less diversification credit for Implication: Less diversification credit for U.S. insurersU.S. insurers
3737
EU Solvency II, the IAIS, and EU Solvency II, the IAIS, and the NAICthe NAIC
The IAIS is developing international The IAIS is developing international standards and best practices for standards and best practices for insurance regulationinsurance regulation
It appears to be largely modeling its It appears to be largely modeling its approach on that of the EUapproach on that of the EU
The NAIC participates on IAIS The NAIC participates on IAIS committeescommittees
The NAIC may be helping to build The NAIC may be helping to build standards that will come back to haunt itstandards that will come back to haunt it
3838
EU Solvency II, the IAIS, and EU Solvency II, the IAIS, and the NAICthe NAIC
No country but the U.S. has a separate No country but the U.S. has a separate regulatory accounting system for regulatory accounting system for insuranceinsurance
Other countries use general purpose Other countries use general purpose accounting for insurance regulatory accounting for insurance regulatory purposespurposes
Thus, the IAIS has taken an active interest Thus, the IAIS has taken an active interest in the IASB insurance contracts project as in the IASB insurance contracts project as likely to affect reports used by their likely to affect reports used by their membersmembers
3939
EU Solvency II, the IAIS, and EU Solvency II, the IAIS, and the NAICthe NAIC
The IAIS develops comments on The IAIS develops comments on various IASB proposalsvarious IASB proposals
The NAIC provides comments to the The NAIC provides comments to the IAIS to influence the development of IAIS to influence the development of those commentsthose comments
The NAIC is being encouraged to also The NAIC is being encouraged to also comment directly to the IASB since comment directly to the IASB since the NAIC represents regulators of the the NAIC represents regulators of the world’s largest insurance marketplaceworld’s largest insurance marketplace
4040
EU Solvency II, the IAIS, and EU Solvency II, the IAIS, and the NAICthe NAIC
When FASB and the IASB agree on an When FASB and the IASB agree on an insurance contracts accounting standard, insurance contracts accounting standard, that standard will become the de facto that standard will become the de facto global insurance regulatory standard, even global insurance regulatory standard, even if it confuses solvency regulationif it confuses solvency regulation
Accordingly, the pressure for U.S. insurance Accordingly, the pressure for U.S. insurance regulators to adopt it will be intenseregulators to adopt it will be intense
Therefore, it is important to fix the IASB Therefore, it is important to fix the IASB proposal now if you’re going to be unhappy proposal now if you’re going to be unhappy with it as either a general purpose or with it as either a general purpose or regulatory accounting standardregulatory accounting standard
4141
Brave new world, or the Brave new world, or the Emperor’s new clothes?Emperor’s new clothes?
Standard setters not responsible to Standard setters not responsible to anyone save themselves have increasing anyone save themselves have increasing roles in the global marketplaceroles in the global marketplace
The IASB has embraced the untested The IASB has embraced the untested “mark to model” CEV version of fair value “mark to model” CEV version of fair value as the right means of accounting for as the right means of accounting for insurance liabilities, even though they’ve insurance liabilities, even though they’ve made no attempt to verify that it is an made no attempt to verify that it is an effective accounting approach for effective accounting approach for insuranceinsurance
4242
Brave new world, or the Brave new world, or the Emperor’s new clothes?Emperor’s new clothes?
What is the value of “market What is the value of “market consistency” when insurance liabilities consistency” when insurance liabilities do not trade?do not trade?
Why is no attention paid to key Why is no attention paid to key management measures of non-life management measures of non-life insurance performance such as insurance performance such as underwriting profit or combined ratio?underwriting profit or combined ratio?
Why is there no plan for testing and Why is there no plan for testing and validating these proposals before validating these proposals before implementing them?implementing them?
4343
Brave new world, or the Brave new world, or the Emperor’s new clothes?Emperor’s new clothes?
The result of the Insurance Contracts The result of the Insurance Contracts Phase II project will be coming to Phase II project will be coming to financial statements near you, financial statements near you, probably through U.S. adoption of probably through U.S. adoption of IFRS to replace U.S. GAAPIFRS to replace U.S. GAAP
When that happens, it is likely When that happens, it is likely insurance regulatory accounting will insurance regulatory accounting will move the same waymove the same way
4444
Brave new world, or the Brave new world, or the Emperor’s new clothes?Emperor’s new clothes?
Insurance solvency regulation need Insurance solvency regulation need not follow insurance accounting not follow insurance accounting standards, but right now they are standards, but right now they are running in parallelrunning in parallel
The CEV approach to liability The CEV approach to liability valuation has serious issues when valuation has serious issues when applied to solvencyapplied to solvency
If you care, comment! Now is the If you care, comment! Now is the time!time!
4545
GNAIE StrategiesGNAIE Strategies
Support development of a single set of Support development of a single set of high quality international accounting high quality international accounting standards for insurance contractsstandards for insurance contracts
Work to inform and educate interested Work to inform and educate interested parties and encourage active parties and encourage active participation and comment on these participation and comment on these issuesissues
Work to build bridges and encourage Work to build bridges and encourage common action to better communicate common action to better communicate the importance of these issuesthe importance of these issues
4646
GNAIE StrategiesGNAIE Strategies
Example GNAIE action: Provided 5 Example GNAIE action: Provided 5 discussion papers to IASB IWG after discussion papers to IASB IWG after its April meeting. The topics were:its April meeting. The topics were:
Settlement Value – Life and Non-LifeSettlement Value – Life and Non-Life Field TestingField Testing Day One ProfitDay One Profit Risk MarginsRisk Margins
4747
WWW.GNAIE.NETWWW.GNAIE.NET
News of significant international News of significant international accounting standards and solvency accounting standards and solvency regulation developmentsregulation developments
Comment letters submitted by GNAIE Comment letters submitted by GNAIE to various bodiesto various bodies
Reports and studies prepared by or on Reports and studies prepared by or on behalf of GNAIE in regard to behalf of GNAIE in regard to international accounting and solvency international accounting and solvency issuesissues
4848
GNAIE Member CompaniesGNAIE Member Companies
ACEACE AIGAIG AllstateAllstate AXIS CapitalAXIS Capital Genworth FinancialGenworth Financial The HartfordThe Hartford Lincoln FinancialLincoln Financial Manulife FinancialManulife Financial MetLifeMetLife
New York LifeNew York Life PartnerRe Ltd.PartnerRe Ltd. Principal FinancialPrincipal Financial Prudential FinancialPrudential Financial RenaissanceReRenaissanceRe Sun Life FinancialSun Life Financial TravelersTravelers XL CapitalXL Capital