Solvency II Update

A discussion of Solvency II with Douglas Barnert, Executive Director of GNAIE, explaining where we are and where we are going.  Additional commentary by Jerry de St. Paer, Executive Chair of GNAIE, Helmut Perlet of Allianz and Karel van Hulle of the European Commission.

SEC votes to end reconciliation for foreign private issuers in the US

The Securities and Exchange Commission voted unanimously, on November 15, 2007, to approve rule amendments under which financial statements from foreign private issuers in the U.S. will be accepted without reconciliation to U.S. Generally Accepted Accounting Principles (US GAAP) only if they are prepared using International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB).

Chairman Cox also announced that the SEC will convene two roundtables, on December 13 and December 17, to collect more feedback from the public on the issue of giving U.S. domestic issuers the same option that foreign issuers have in our markets to use either IFRS or U.S. GAAP.

SEC news release

GNAIE comment letters on IASB Insurance Contracts DP and FASB ITC on Accounting for Insurance Contracts

GNAIE has submitted a comment letter to the International Accounting Standards Board (IASB) on their Accounting for Insurance Contracts Discussion Paper, which is the first due process document for Phase II of the Insurance Contracts Project.

GNAIE also submitted a comment letter to the Financial Accounting Standards Board (FASB) on their Invitation to Comment on the FASB Agenda Proposal: Accounting for Insurance Contracts by Insurers and Policyholders, Including the IASB Discussion Paper, Preliminary Views on Insurance Contracts.

GNAIE comment letter on IASB Insurance Contracts DP

GNAIE comment letter on FASB ITC on Accounting for Insurance Contracts