IASB February 2008

The staff presented:

• a high-level overview of responses to the discussion paper Preliminary Views on Insurance Contracts.
• an overview of two issues identified in many of the responses:

(a) Is the objective to account for insurance contracts as a whole, or to account for the separate rights and obligations that the contracts create?

(b) Should the measurement of insurance liabilities incorporate the notion of settlement with the policyholder over the life of the contract?

The discussion of these issues was exploratory and no decisions were made.

• a preliminary project plan.

The Board’s Insurance Working Group (IWG) meets on 1 and 2 April 2008 in London. The meeting is open to members of the public who register in advance through the IASB’s Website www.iasb.org. The Board decided not to hold public round-table meetings at this stage of the project, noting that the IWG’s members supply input from a wide range of perspectives.