Press Room

• 12.December.2011 Hub Global Insurance Group Asks IASB and FASB to Withdraw Staff Papers on Short-Duration Insurance Contracts


• 7.October.2011 Current Insurance Accounting Proposals are Fatally Flawed and Unworkable, Says GNAIE


• 23.September.2011 GNAIE Launches Twitter to Promote International Discussion of Insurance Accounting and Solvency Standards


• 6.September.2011  GNAIE Asks FASB to Consider Separate Models for Short-Duration Non-Life and Long-Duration Life Contracts


• 4.April.2011 GNAIE Praises World Economic Forum Report on Long-Term Investing


• 22.March.2011 Liberty Mutual Joins GNAIE


• 9.February.2011 GNAIE Praises FASB Decision to Pursue Convergence Agenda


• 1.February.2011 Joint Trades Concerned That Upcoming IASB/FASB Discussions on Insurance Contracts Will Not Address Key Issues

• 17.September.2010 GNAIE Welcomes FASB Insurance Contracts Discussion Paper

• 9.September.2010 GNAIE Sees Shortcomings in Updated Accounting Standard for Financial Instruments and Hedging Activities
   
• 24.August.2010 GNAIE Files Early Comment letter to IASB on Insurance Contracts ED: Offers Alternative to Premium Allocation Approach for P/C Insurance Contracts Accounting

• 4.June.2010 North American Insurance Industry Urges IASB to Reconsider Single Accounting Model for Life and Non-life Insurance Contracts
  


• 3.June.2010  GNAIE Praises Modified IASB-FASB Convergence Timetable
  
  
• 19.February.2010  GNAIE Urges Use of Earned Discount Rate for Life Insurance Liabilities
   
• 4.December.2009  GNAIE Challenges Paper on Risk Margins
   
• 22.June.2009  GNAIE Joins Other Businesses in New Coalition to Develop New Global Accounting Standards to Address Financial Crisis
  
• June 18, 2009 GNAIE Reviewing Impact of Proposed Financial Services Regulation on Accounting Standards, Solvency Regulation
  
• June 15, 2009  Proposed Change in “Available For Sale” Accounting Classification Could Have Severe Ramifications for Insurance Companies
   
• May 5, 2009:  GNAIE supports report of U.S. Chamber Coalition that found Fair Value Accounting reforms fall short of fixing problems
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• February 6, 2009 GNAIE asks SEC to Delay Signing MOU on IASCF Monitoring Group; Call for Greater Transparency, Inclusiveness and Accountability
   
• February.4.2009 Customer Consideration Approach for Revenue Recognition Called Good Starting Point for Insurance Contracts
   
• February.2.2009 GNAIE believes that the application of fair value accounting measurements to an inactive, illiquid, and disorderly market for structured credit products helped fuel the worldwide credit crisis
  
• January.22.2009 GNAIE Endorses Group of 30 Recommendations on Fair Value Accounting
   
• December 31, 2008: GNAIE says fair value accounting measurements were “powerful accelerant” to worldwide credit crisis
   
• June 26, 2008: ACE Ltd. CFO and Group of North American Insurance Enterprises (GNAIE) Board Member, Philip Bancroft, Addresses Oversight Body of International Accounting Standards Board (IASB)
   
• November 2, 2007: Ernst & Young Study Calls for Major Testing of Market Value Margin Calculation for Insurance Solvency Purposes
   
• August 23, 2007: Principal Financial becomes newest member of GNAIE
   
• August 22, 2007: GNAIE urges NAIC to weigh in on accounting proposal’s shortcomings
   
• April 12, 2007: GNAIE elects Jerry de St. Paer of AIG as new Chairman; Michael Sproule of New York Life is Vice Chairman
   
• November 2 , 2006: Manulife Financial becomes newest member of GNAIE
   
• June 27, 2006, International Accounting Principles for Non-Life Insurance prepared by North American Insurers .

• April 19, 2006, International Accounting Standard for Life Insurance Presented by Partnership of U.S. and Japanese Life Insurers
   
• July 22 , 2005, U.S and Japanese Insureres present draft of Accounting Principles to International Accounting Standards Board
   
• June 14 , 2005, Alternative GAAP issues explored by group of U.S Insurers
   
• May 12 , 2005, U.S. Insurers praise IAIS effort on International Accounting Standards, but oppose move to discount Non-life Loss Reserves
   
• April 26, 2005, Development of IAIS Disclosure Standard.
   
• April 8, 2005, Election of Officers