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Claims News Service, Jan.25, 10:21 a.m. EST — New reinsurance regulations proposed by the California Department of Insurance are “unnecessary, burdensome, and anti-market competition,” according to comments filed by several insurance trade associations at recent CDI hearings.

According to the California Department of Insurance, the proposed regulations set forth the procedures in accounting for reinsurance on insurers’ financial statements, the general requirements applicable to reinsurance agreements, and related sanctions and oversight.

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