Proposed reinsurance collateral reforms for foreign carriers will have little impact on their financial strength, said a new report from Fitch Ratings.
The Chicago-based rating agency said it does not believe individual carriers' financial or competitive positions will be materially altered, and thus the agency does not expect to make a material number of ratings changes if the proposal is adopted in its current form.
In December, the National Association of Insurance Commissioners gave preliminary approval to a plan that would reduce the amount of collateral carriers outside of the United States must put up to do business. The proposed office would evaluate the strength of reinsurers regardless of country of domicile in order to determine the collateral required.
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