Insurance contracts proposal: comment letters

Summary and analysis

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In this webcast, we’ll provide a close examination of the comment letters on the insurance contracts accounting exposure draft.

These responses received by the Financial Accounting Standards Board (FASB) represent a broad range of affiliations and interests, and reveal industry concerns that may point to future directions.

Our professionals have been analyzing these letters to identify key areas of focus, general consensus and divergent views.

Join this webcast as we discuss our findings and assessments, including:

  • Topics generating strong support or challenge
  • Views expressed most consistently
  • Areas of significant divergence

The discussion will also consider whether these areas are particular to one category of respondents or are representative of all respondents.  


Alan Close

Alan E. Close Consulting LLC

Alan E. Close, CPA, FLMI, has over 40 years experience in the insurance industry, specializing in financial reporting. He retired in 2005 where he served as Director of Accounting Policy for Northwestern Mutual Life Insurance Company. He was responsible for the development and implementation of company policy on accounting issues. He is a member of the AICPA, WICPA and served as chair of the ACLI Accounting Committee from 2002-2004. He served as a member of the Insurance Advisory Committee to the International Accounting Standards Board and various insurance industry committees supporting the NAIC on such projects as Codification, Reinsurance and Statutory Reporting. He also served as an industry member to the NAIC/AICPA Working Group and the sub-group responsible for assessing the applicability of Sarbanes/Oxley (SOX) to the insurance sector. Close currently serves as an industry consultant on various insurance accounting issues and also serves as a member of the IASA Board.

Tara Hansen


Tara Hansen is a Principal in Insurance and Actuarial Advisory Services of Ernst & Young LLP and is based in the firm’s New York office. Ms. Hansen has over 18 years of experience in the life insurance industry, with an emphasis on advanced financial reporting and mergers and acquisitions.

Ms. Hansen has experience in a number of areas including: Mergers and Acquisitions, Purchase Accounting, Solvency II, Reinsurance, Financial Projections and Modeling, FAS 133 DIG Issue B36 and Embedded Value.

Ms. Hansen is a frequent speaker at SOA and other industry meetings on financial reporting topics such as principles-based reserves, fair value and emerging insurance contracts accounting regulations. She is a member of the EY Insurance Contracts Accounting Working group, a group of EY actuaries and accountants developing a global strategy related to emerging insurance accounting regulations.

Jennifer Weiner


Jennifer Weiner is a partner in Ernst & Young LLP’s Financial Services Professional Practice Group, where she is one of the principal technical resources on accounting and financial reporting matters to EY insurance professionals and clients, and is a member of the EY global IFRS insurance technical panel. With over 20 years of audit and advisory experience she has served a variety of public, private and foreign traded companies within the financial services industry, including property/casualty insurers, life insurers with traditional and variable products, health care organizations and broker/dealers. From 2010-2013 Jennifer was a senior fellow at the FASB where she was the lead project manager on the insurance contracts project. This involved working with the IASB to develop a new standard to improve the financial reporting for insurers and included: writing technical papers and developing recommendations, presenting to the boards and drafting the proposed Accounting Standard Update, Insurance Contracts.

Jennifer Yaross

Nationwide Mutual Insurance Company

Jennifer Yaross is the Associate Vice President leading the Accounting Policy & Research department at Nationwide Mutual Insurance Company. Her team is responsible for monitoring and assessing the impact of new and evolving accounting guidance produced by the FASB, IASB, SEC and NAIC as well as assisting with the communication, education and implementation of new guidance applicable to the company. In addition, her team conducts technical accounting analysis related to all significant and complex transactions and ensures appropriate documentation supporting accounting conclusions and policies. Prior to joining Nationwide, Jennifer spent 7 years in Deloitte's Chicago office serving insurance clients. She is a CPA and received a Bachelors of Science in Business Administration degree in Accounting from the Ohio State University. She serves as a member of the AICPA Insurance Experts Panel.


Carol Carlson


Carol Carlson is a partner in Ernst & Young LLP’s Financial Services Financial Accounting Advisory Services. She has over 30 years experience providing auditing and advisory services to both local and multinational insurance companies. Her primary area of focus is in the analysis of technical accounting literature and its implications. She has extensive experience in the Insurance Industry – working with all types of business, including life, annuity, health, commercial and personal lines of property and casualty, workers compensation disability, title and long term care insurance.

Carol has assisted companies with understanding the implications of the new insurance accounting guidance currently being deliberated by the FASB and IASB. The work includes the modeling of various products to understand the impact of the proposed changes on the income statements, balance sheets and footnotes. She has also conducted numerous education sessions for clients on the subject.