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Article Excerpt
Is it really a small world, after all?
Executives say that in terms of insurance the world is getting there, and given that movement, it is important for accounting and regulatory systems to reflect the increasing integration.
"We need to establish common standards for global operations of our industry," said David Skinner, CEO of the Asia regional office of New York Life International, Hong Kong. He spoke last month during a global financial forum sponsored by the American Council of Life Insurers, and A.T. Kearney, EDS, and Solcorp.
Streamlining accounting requirements is one way the global insurance market can become more seamless, speakers suggested.
For instance, reinsurance globally is treated as an asset on balance sheets,...
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