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Allstate, Assurant Ask for Tweak to Insurance Accounting Rule

May 27, 2022, 7:16 PM

Allstate Insurance Co. and Assurant Inc. want US accounting rulemakers to tweak a part of forthcoming insurance accounting rules so insurers that no longer offer customers long-term policies such as life and annuities don’t get tripped up by the details of following the rules.

Publicly traded insurers that write long-duration policies must comply with the Financial Accounting Standards Board’s new rules in 2023, but the rules apply to contracts that were in force as of Jan. 1, 2021. Some insurers—including Allstate and Assurant—sold their long-term insurance business lines in 2021, the companies said.

Retroactively applying the accounting rules ...