WASHINGTON—The Federal Insurance Office will likely ask congressional permission early next to year to negotiate a uniform reinsurance collateral agreement for U.S. and European reinsurers domiciled in qualified jurisdictions.
In comments Tuesday at an industry convention and in its 2014 annual report released today, Michael McRaith, FIO director, reaffirmed that the FIO and the U.S. Trade Representative (USTR) are "working internally" to develop a process for negotiating a bilateral reinsurance collateral pact with European regulators and are likely to seek congressional approval sometime after January 2015 to negotiate such a deal.
In his comments at the annual convention of the National Association of Mutual Insurance Companies (NAMIC), McRaith cautioned that there will be an "open, collaborative process" involving the states before such a deal is completed, and that Congress will be required to sign on.
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