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For nearly six years, so-called alien reinsurers have been battling to convince regulators to lower their collateral requirements and create a more level playing field with their U.S. competitors. Regulators shocked the industry last June by taking the argument one step further, with a proposal to demand collateral from all carriersforeign and domesticaccording to the financial risk they pose. The big question is, will it pass, as planned, by September?


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