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SAN ANTONIO, TEXAS–The National Association of Insurance Commissioners gave preliminary approval today to a new scheme to replace the current 100 percent collateral requirement for foreign reinsurers doing business in the United States.

A resolution passed here at the NAIC winter meeting by the Reinsurance Task Force was sent to the Financial Condition Committee calling for the creation of a new Reinsurance Evaluation Office under the aegis of the NAIC to rate the creditworthiness of all reinsurers without regard to jurisdiction, and assign collateral requirements accordingly.

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