Industry Groups Point FIO To Flaws In State Reinsurance Regs

Law360, New York (August 29, 2012, 6:04 PM EDT) -- Insurance industry groups told the Federal Insurance Office Monday that state-by-state regulation of reinsurance has created a confusing patchwork of standards, increasing costs and deterring new reinsurers from forming in the U.S. for more than two decades.

The American Insurance Association and the Reinsurance Association of America highlighted their concerns over state regulation of reinsurance while responding to the FIO's request for comment for an reinsurance report due before Congress in September.

Other than captives, not a single U.S.-based reinsurer has been formed within the last...
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