Life Insurers Push for Credit Loss Accounting Relief

Insurance companies need the same break Congress gave banks in sweeping coronavirus relief legislation that includes more time to comply with major credit loss accounting rules, a life insurance trade group says.

The American Council of Life Insurers asked U.S. accounting rulemakers Friday to extend the date by which insurance companies have to adopt the current expected credit losses (CECL) standard. The group, which represents companies like Prudential Financial Inc. and MetLife Inc., said insurers should get until the period after Dec. 31 this year.

Large publicly traded companies were supposed to adopt the new rules Jan. 1 ...