Workers expect their defined contribution plans to play a greater role in their retirement income than annuities.
NEW YORK, Dec. 20, 2012 /PRNewswire-USNewswire/ -- Afternearly ten years of effectively shaping the development of high quality international accounting and solvency standards, the Group of North American Insurance Enterprises (GNAIE), will cease operations on December 31.
GNAIE has served as the voice of the U.S. life, property/casualty and reinsurance companies on international accounting standards and solvency issues. Its members include companies who are the largest global providers of insurance and substantial multi-national corporations.
"GNAIE established a unique space in the international community of people and organizations dedicated to the creation of high quality accounting standards and solvency regulations," said GNAIE executive chairman Jerry de St. Paer. "Its successful program of advocacy, research and communications served as the model for the creation of new broad-based U.S. and global insurance industry coalitions which will carry on this vital work."
Beginning in 2003, GNAIE achieved its goals through modeling of proposed accounting standards and solvency regulations, analysis, comment, and coordination with various end users of financial reports.
The organization developed highly productive relationships between insurers doing business in North America and organizations like the International Accounting Standards Board (IASB), the U.S. Financial Accounting Standards Board (FASB), the International Association of Insurance Supervisors (IAIS) and the National Association of Insurance Commissioners (NAIC), who are critically important in the development of accounting standards and solvency regulation.
Among GNAIE's noteworthy contributions are the development of life and non-life insurance accounting principles and guidance designed to serve as the basis for preparing international insurance accounting standards and the commission of original research studies, including the Development of Alternative Accounting Methodology for Life Insurance and Similar Products prepared by Watson Wyatt and A Study on the Impact of Fair Value on Property and Casualty Insurers prepared by Ernst & Young.
"GNAIE's research, analysis and commentary has made an enduring contribution to the global conversation of thoughtleaders and policymakers on accounting and solvency issues of critical importance to the insurance industry," said Doug Barnert, executive director of GNAIE. "We take pride in this legacy and are gratified by its ongoing impact."
SOURCE Group of North American Insurance Enterprises