NAIC Moves Toward Easing Regs For Non-US Reinsurers

Law360, New York (August 27, 2013, 4:51 PM EDT) -- State insurance regulators on Tuesday agreed on a process to pinpoint countries whose reinsurers can enjoy reduced collateral requirements when they do business with U.S. insurers.

The National Association of Insurance Commissioners adopted the process as part of efforts to reform requirements that foreign reinsurers post 100 percent collateral for their U.S. liabilities before their U.S. insurance company customers can receive credit for taking out the reinsurance.

Critics say those requirements were overkill for foreign reinsurers that are financially strong and based in jurisdictions that effectively supervise...
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