NAMIC Battles Proposed Changes In Insurance Accounting

Law360, New York (October 21, 2013, 7:34 PM EDT) -- A large trade group representing insurers on Friday blasted a proposal to change financial reporting of insurance contracts, arguing that it would create unnecessary challenges and costs.

The National Association of Mutual Insurance Companies said Friday it had sent a letter criticizing the changes proposed in late June by the Financial Accounting Standard Boards,  a private organization that establishes financial accounting and reporting standards in the U.S.

The FASB argued that the new standards would bring greater consistency and relevance to accounting for contracts that transfer...
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