Financial Accounting News

Life Insurers Group Calls for More Time to Account for Reinsurance

Dec. 13, 2019, 10:44 PM

The insurance industry wants more time to comply with new accounting rules that would overhaul how they report their reinsurance-related liabilities.

The American Council of Life Insurers has asked rulemakers to allow large public companies that offer reinsurance to privately held and smaller publicly traded companies to wait until 2024 to measure assumed reinsurance contracts under the new rules.

This would reduce the headaches associated with acquiring a block of business that is measured and valued under outgoing accounting rules, ACLI said in in a Nov. 27 letter.

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