On 2 July 2015, Insurance Europe published a letter (dated 30 June 2015) sent jointly by it and the European Insurance CFO Forum to the European Financial Reporting Advisory Group (EFRAG).  The letter responds to EFRAG's draft advice to the European Commission on adoption of the International Financial Reporting Standards (IFRS) 9 for financial instruments. While the letter welcomes endorsement of IFRS 9, it reiterates (in line with its prior letters to EFRAG) that adopting IFRS 9 ahead of IFRS 4 Phase II (i.e. the future standard for insurance contracts) will impact the insurance industry negatively.  Insurance Europe suggests that IFRS 9 implementation for insurers be deferred or, failing this, requests the European Commission to arrange a deferral for European insurers.