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Insurance Companies Could Get More Time on Accounting Overhaul

Aug. 21, 2019, 6:11 PM

Insurance companies are closer to getting more time to overhaul how they account for long-term policies like life and annuities.

The Financial Accounting Standards Board on Aug. 21 issued a proposal offering insurers an additional year to comply with new rules that will require insurers to shed more light on the risks they take and the promises they make to customers.

If finalized, large publicly traded insurance companies would follow the new accounting rules in 2022. Private companies and listed insurers that meet the definition of a “smaller reporting company,” as prescribed by the Securities and Exchange Commission, would have ...

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