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Predicting the Future of Statutory Accounting When All Else is Changing

Is statutory accounting about to be left behind to wither away as the U.S. Financial Accounting Standards Board and the International Accounting Standards Board change the landscape of accounting, that dismal but crucial discipline?

William Boyd, NAMIC’s financial regulation manager, and others prognosticated about the future of statutory accounting during a panel discussion that was part of the Insurance Accounting and Systems Association’s annual convention in June in Orlando.

Other members of the panel were Ramon Calderon, deputy commissioner of the California Department of Insurance and chair of the NAIC's International Solvency and Accounting Working Group, and Tom Finnell, manager of the Invotex Group's insurance practice. Calderon will soon become a full time NAIC employee of the NAIC in its Center for Insurance Policy and Research.

Statutory accounting is the medium for mutual insurers’ financial reporting, and some observers and regulators suggest that dispensing with GAAP ought to be part of the changing landscape of accounting occurring now. IASA is the organization of those who use and develop accounting and related software for the insurance industry.

Direct questions to NAMIC’s Financial Regulation Manager William Boyd.