Paris (July 30, 2003) -- European insurers are urging the International Accounting Standards Board to postpone approval of new accounting rules for the treatment of financial derivatives.
In a statement, director-general of the European Federation of National Insurance Associations Daniel Schante said keeping the rules as they now stand would make insurers' earnings "artificially volatile," Dow Jones reported. He added that insurers haven’t been given enough time to adapt to the new rules.
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